OPEC+ likely to raise June output by 432,000 bpd: Report

OPEC+ is likely to stick to its existing deal and agree another 432,000 barrel per day oil output increase for June when it meets on May 5, six sources from the producer group told Reuters on Thursday.

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, have been unwinding record output cuts in place since the COVID-19 pandemic took hold in 2020.

Major consumers, led by the United States, have been pressing the group to boost output at a faster pace, however, especially as Western sanctions hit Russian output.

Under the a deal reached in July last year, the group is set to increase output targets by 432,000 bpd every month until the end of September, to unwind its remaining production cuts.

The group, however, has been struggling to produce at its agreed targets, a trend that is likely to continue.

It produced 1.45 mln bpd below its production targets in March, as Russian output began to decline, data showed.