In a report on Monday, OPEC+ said it would begin solving the cuts in April with an average increase of 138,000 barrels per day (BPD).
The report says it says an increase is planned based on contracts between OPEC+ members, including major producer Russia.
OPEC+ has dropped by 5.85 million bpd, equivalent to about 5.7% of global supply since 2022, as it reached a part of its contract to support international crude oil prices.
In December, the group decided to extend the latest tier of cuts, covering 2.2 million bpd output by the first quarter of 2025.
The decision to increase production is against the background of reports suggesting that demand for oil could rise in the coming months amid speculation that US pressure on Iran could rise.
Iran shows that US sanctions will not affect production and exports.
The country’s state oil company NIOC said on Monday that its light crude will be available as Asian customers have surpassed the benchmark Oman/Dubai crude price in March.
However, the company said the price of heavy and Forowzan oil grades will be slightly lower than the benchmark prices for the same month.
MP/