<article><p class="lead">The Opec+ coalition reached 113pc conformity with its output restraint obligations in April, <a href="https://direct.argusmedia.com/newsandanalysis/article/2207177">unchanged from March and February</a>, according to two Opec+ delegates.</p><p>The alliance's 10 Opec members also struck 124pc conformity with their April commitments, again steady from the previous two months. The compliance of non-Opec members weakened further, to 91pc in April from 93pc in March.</p><p>Opec+ reach their compliance figures by averaging the estimates of six secondary sources, including <i>Argus</i>. An <i>Argus</i> survey found Opec+ conformity at 114pc in April, with Opec and non-Opec members reaching respective compliance rates of 125pc and 92pc last month. </p><p>Recent Opec conformity levels have benefitted from Saudi Arabia's unilateral decision to keep its output a further 1mn b/d below its official 9.119mn b/d quota under the Opec+ agreement over the February-April period. This cut is scheduled to gradually ease to just 750,000 b/d in May and 400,000 b/d in June.</p><p>Opec+ members bound to the output agreement are scheduled to increase production by 350,000 b/d to a 37.303mn b/d target this month, adding a further 350,000 b/d to 37.653mn b/d in June and a further 441,000 b/d to 38.094mn b/d in July. May will mark the first collective ceiling hike for all deal participants since January, with non-Opec heavy hitters Russia and Kazakhstan receiving exclusive allowances to make minor production increases in the intermittent period. </p><p class="bylines">By Ruxandra Iordache and Nader Itayim</p></article>
