The crude oil market is anticipating its revival. OPEC and its allies are determined to accelerate oil production growth. To achieve this, the cartel members will have to phase out the voluntary production cut of 2.2 million barrels per day by the end of October 2025. This will be possible if the participants do not ensure compliance with their production quotas.

Last month, OPEC+ shocked the oil market by agreeing to a faster-than-expected production cut despite low prices and demand. Reportedly, these measures were initiated by the Saudi Arabian authorities, the OPEC de-factor leader. Perhaps the kingdom sought to punish certain cartel members for failing to adhere to their quotas.

On May 3, a working group, including the Organization of the Petroleum Exporting Countries and allies, Russia in particular, agreed to a further production increase in June. As a result, the total output for April, May, and June will amount to 1 million barrels per day.

According to analysts, OPEC+ representatives are expected to stay the course. It might happen that the alliance will agree to an additional increase of 411,000 barrels per day in June. If approved, the additional oil production could be implemented in July, experts reckon.