The 23 members of coalition, known as OPEC+, reached a compromise during the 17th OPEC and non-OPEC Ministerial Meeting held via video conference on Tuesday to increase crude oil output by 350,000 bpd in June. Also, Saudi Arabia will pump 350,000 bpd of its voluntary cuts to the market, reaching the group’s total oil production rise to 700,000 bpd.

During the 15th OPEC and Non-OPEC meeting, the members agreed to ease crude oil output cuts by 350,000 bpd for May and June, and by 450,000 bpd as of July. It was also decided that Saudi Arabia would gradually phase out its 1 million bpd voluntary production cut by 250,000 bpd, 350,000 bpd and 400,000 bpd in May, June and July respectively.

The members of the coalition decided to hold the 180th regular meeting of OPEC and the 18th joint meeting of OPEC and non-OPEC (OPEC+) on July 1.

OPEC and allied producers made a record cut of 9.7 million bpd from May to July 2020 as global lockdown measures slashed fuel demand. Then, the group eased cuts to 7.7 million bpd from August and to 7.2 million bpd as of January, 2021.

During the meeting in January, OPEC+ reached a compromise on crude oil output cuts of 7.125 million bpd for February which decreased to 7.05 million bpd and 6.9 million bpd in March and April respectively.