OPEC+ agrees to stick to further production hike in May but with bigger boost

The bloc had been expected to raise oil output in May by around 135k bpd. However, the agreement now is that they will be going with that alongside two additional monthly increments. That means the production adjustment in May will be roughly 411k bpd. That perhaps explains why the ministers were meeting for two hours.

OPEC+ will next meet again on 5 May to decide on June production levels.

This article was written by Justin Low at www.forexlive.com.