OPEC+ Agrees in Principle on Small Output Hike, Reuters Reports
Bloomberg
Last updated: May 2, 2026
This article reports that seven OPEC+ members have agreed in principle to a modest increase in oil production targets. The decision aims to partially address market concerns regarding supply, though it represents a limited adjustment.
- Seven members of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) have reached an agreement in principle to raise their oil output targets. This increase is expected to be around 188,000 barrels per day starting in June. The report, citing unnamed sources familiar with the matter, suggests this move is a response to market dynamics. The specific countries involved in this agreement have not been publicly disclosed, but the decision reflects a consensus among a portion of the influential oil-producing group. This adjustment is considered a preliminary step and its broader implications on global oil prices and supply are yet to be fully determined.
