OPEC+ reached an agreement on April 1 to start gradually lifting oil production starting in May as oil demand recovers from the COVID-19 collapse. Specifically, OPEC+ will increase production by 350,000 barrels per day in May; an additional 350,000 barrels per day in June; and 450,000 barrels per day in July, OPEC announced in an April 1 press release. In addition, Saudi Arabia will end its additional 1 million barrel per day cut on top of its OPEC+ commitments over the course of the three months Saudi Energy Minister Prince Abdulaziz bin Salman told reporters.