On March 24, people familiar with the matter said that OPEC+ was likely to stick to its plan to increase oil production for the second month in a row in May, given stable oil prices. This will be the second monthly increase as part of the plan to phase out the millions of barrels per day cuts introduced by the alliance from 2022. At the same time, the group sought to raise the production targets of its members, who strictly adhered to previous production targets, while putting pressure on overproducing oil producers to control production and offset it by keeping it below target for a period of time. On March 20, the group said that seven member countries would reduce additional production every month from this month until June 2026. Theoretically, these cuts, to compensate for previous overproduction, would be larger than the monthly increases. An OPEC spokesman said the compensatory cuts are expected to make it easier for the alliance to continue its monthly production increase plan.