A Reuters survey found that an increase in OPEC production in May exceeded an agreement between member states and other allies for the first time since February, as an increase in Saudi and Iraqi supply was accompanied by a partial recovery in Nigeria.
The survey found that the 10 OPEC members covered by the agreement pumped 24.73 million barrels per day in May, an increase of 280,000 barrels per day from April, exceeding the 274,000 barrels per day increase provided for by the agreement.
OPEC and its allies, who make up the so-called OPEC+ group, are easing production cuts dating back to 2020 as demand recovers from the consequences of the pandemic.
OPEC+ is meeting on Thursday and is expected to confirm a pre-agreed production increase despite higher oil prices after the Russian invasion of Ukraine.
"Confirmation of the plan is likely because there is no reason not to do so," an OPEC delegate said of Thursday's meeting.
OPEC plus officials confirmed that the coalition is likely to stick to its current oil production plans at its meeting this week, Bloomberg reported, despite EU sanctions against Russia.
Global supplies and demand levels remain stable, officials said, stressing that there have been no severe disruptions so far related to Russian exports.
This means that OPEC Plus will increase production in July by 432,000 barrels per day.