OPEC+ Crude Output Rises

A resurgent Iran pumped its largest volume of crude in almost two years in April, while an increasingly compliance-challenged Russia also boosted its output yet again, bringing total production by OPEC and its allies to a three-month high, according to the latest S&P Global Platts survey.
OPEC produced 25.28 million bpd, up 80,000 bpd from March; Russia and eight other non-OPEC partners in the group's supply accord added 13.21 million bpd, an increase of 130,000 bpd, the survey found.
The rising output is a preview of the wave of OPEC+ crude set to hit the market over the next few months.
In anticipation of rising global oil demand, the alliance plans to roll back its quotas by a 350,000 bpd in May, another 350,000 bpd in June, and 441,000 bpd in July, for a total 1.14 million bpd rise.
Meanwhile, Saudi Arabia -- which has been reining in an extra 1 million bpd to help support the market -- has said it will end its voluntary cut gradually over that span, releasing 250,000 bpd in May, 350,000 bpd in June and 400,000 bpd in July.
The country averaged production of 8.14 million bpd in April, the survey found, compared to its quota of 9.12 million bpd. Saudi Energy Minister Prince Abdulaziz bin Salman had called the additional cut a goodwill gesture to the rest of the alliance, with the hopes that quota compliance would improve. 
The 10 OPEC members with quotas under the deal and the nine non-OPEC allies achieved a conformity level of 111% in April, according to Platts calculations. But take away the extra Saudi cut, and compliance falls to 96%, which would be the lowest since July 2020.