Opec+ JMMC recommends 432,000 b/d quota hike for May

Opec+ JMMC recommends 432,000 b/d quota hike for May

London, 31 March (Argus) — The Opec+Joint Ministerial Monitoring Committee (JMMC) has recommended that the group proceed with a 432,000 b/d increase in its collective crude output target in May, in line with its agreed schedule, two delegates said.

May's quota hike is slightly larger than the 400,000 b/d monthly increases implemented since last summer. This is because five members of the group will have higher baseline production levels from May.

Opec+ ministers are meeting virtually today to rubber-stamp the May output target. The meeting comes against a backdrop of increased political pressure on Opec+ to rethink its approach in light of the risk to Russian supply from western sanctions.