OPEC+ compliance with its oil output cuts rose to 220% in April, up from 157% in March. That comes despite the easing of its output caps in recent months. Of note, the bloc's production was seen 2.6 mil bpd below the required level in April with Russia producing 1.28 mil bpd below its own required level last month.

Yup. In other words, don't expect much help from OPEC+ in trying to balance out the supply side of the equation.