OPEC+ says to continue easing curbs on oil supply till July-end

Logo of OPEC

OPEC+ alliance said it will continue its oil output policy that was announced last April, which targets the gradual easing of curbs on supplies until the end of July.

The alliance, which is comprised of OPEC and other oil producers, said in a statement that the ministerial meeting held today, June 2, 2021, affirmed a plan to return 2 million barrels of crude per day of oil output during May-July.

However, OPCE+ did not define the output policy after July, as the upcoming meeting of oil ministers will be held on July 1.

Meanwhile, the ministers reiterated the need to capitalize on the extension of the period of offsetting the unfulfillment by some countries to the plans to slash output until the end of next September.

They also welcomed the commitment of member countries to the output policy, which reached 114% in April, affirming the move towards compliance by participating states.

Experts of the oil producers’ alliance earlier expected a rise in demand by about 6 million bpd in 2021, upon the world's recovery from COVID-19 pandemic.