OPEC+ to Raise Oil Production by More Than Expected in May

OPEC+ is going full throttle with reversing the production cuts with output set to rise by more than expected in May, “in view of the continuing healthy market fundamentals and the positive market outlook.” The OPEC+ countries that have been cutting their oil production for more than a year decided on Thursday to continue easing the reductions by adding 411,000 barrels per day (bpd) to their combined supply from May. The eight OPEC+ countries that have been withholding production – Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan,…