OPEC+ oil and energy ministers reached the agreement during the 27th OPEC and Non-OPEC Ministerial Meeting, held via video conference on Thursday, March 31, 2022, to raise their crude oil production by 432,000 bpd in May.

OPEC+ members also announced at the meeting that in accordance with the decision of the 19th meeting (July 17, 2021), the production baseline of Russia (500,000 barrels), Saudi Arabia (500,000 barrels), the UAE (332,000 barrels), Iraq (150,000 barrels) and Kuwait (150,000 barrels) will increase from the beginning of May 2022.

At their 19th meeting in July, OPEC and its allies agreed to increase production by a total of 400,000 barrels per day each month to end the supply limit of 5.8 million barrels per day, a decision that has been in place since August.

In response to the demand collapse at the height of the Covid-19 outbreak, OPEC+ cut production by 9.7 million barrels per day in May 2020, equivalent to about 10 percent of global demand, but since then it has eased supply constraints over time.

The members of this coalition decided to hold the 28th OPEC and Non-OPEC Ministerial Meeting on May 5.