Opec+ sticks to output rise plans for May as US mulls release of record oil reserves – The National

Opec+ sticks to output rise plans for May as US mulls release of record oil reserves – The National

Opec+ will add another 432,000 barrels per day of crude to the market in May, staying the course of incremental increases in global oil supply amid reports of US government plans to release massive inventory from its strategic reserve to tackle soaring inflation and gasoline prices.

The 23-member super group of producers, led by Saudi Arabia and Russia, agreed to bring the additional barrels in their online meeting on Thursday. The group will hold its next meeting on May 5 to review market dynamics, it said in a statement.

"Continuing oil market fundamentals and the consensus on the outlook pointed to a well-balanced market, and that current volatility is not caused by fundamentals, but by ongoing geopolitical developments," according to the statement.