OPEC+ complies with 115% of oil curbs in May

Logo of OPEC

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) maintained strong compliance with agreed oil output targets in May, when the first part of a gradual production increase took effect, Reuters reported, citing official data. 

OPEC+ complied with 115% of the agreed output curbs in May. It announced this week the April figure was 114%.   

The organization is returning 2.1 million barrels per day (bpd) to the market from May through July as part of a plan to gradually reduce last year's record oil output curbs. 

The oil market is witnessing a state of optimism, driven by recovery of demand for crude oil, amid the continued COVID-19 vaccination. Thus, the brent crude exceeded $72 for the first time since 2018.