Why oil producers are adding to the global supply glut despite low crude prices

Core Insights - OPEC+ has accelerated the unwinding of previous output cuts more quickly than anticipated this year [1] - This increase in quotas occurs amidst a backdrop of declining global oil prices, which have fallen approximately 16% year to date [1] Industry Summary - OPEC+ is adjusting its production strategy by raising output quotas [1] - The decision to increase quotas is made in response to market conditions, specifically the drop in oil prices [1]