Opec+ complies with 115% of agreed oil output targets in May: Report

DUBAI (Reuters) - OPEC and its allies maintained strong compliance with agreed oil output targets in May, when the first part of a gradual production increase took effect, according to figures given by an OPEC+ source on Friday.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, complied with 115% of agreed output curbs in May, the source said. OPEC said this week the April figure was 114%.

OPEC+ is returning 2.1 million barrels per day (bpd) to the market from May through July as part of a plan to gradually unwind last year's record oil output curbs, as demand recovers from the pandemic.

 

(Reporting by Rania El Gamal; Writing by Alex Lawler; Editing by Peter Graff)