Saudi Arabia & Russia to Lead 60% of Oil
News: OPEC+ members have agreed to raise output by 206,000 barrels per day (kbd) from May 2026 as part of a gradual adjustment to voluntary production cuts.
Saudi Arabia and Russia will together contribute over 60% of the increase, adding 62 kbd each. Other contributors include Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman.
The move aims to support oil market stability while retaining flexibility to adjust output based on market conditions. The group also highlighted risks to energy supply chains from attacks on infrastructure and disruptions to shipping routes.
OPEC+ will continue monthly reviews to monitor market conditions and ensure compliance with production targets.
Source: The Economic Times
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