OPEC+ plans to further accelerate oil output hikes and could unwind its 2.2 million barrels per day of voluntary cuts by the end of October if members do not improve compliance with their production quotas, four sources from the group said.
OPEC+ shocked the oil market in April by agreeing a faster-than-expected unwinding of cuts despite weak prices and demand. The move was designed by OPEC+ leader Saudi Arabia to punish some members for poor quota compliance, sources have said.
The group, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, agreed another big output hike for June on Saturday, taking the total it plans to release in April, May and June to nearly 1 million bpd.
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Delusions of Adequacy 