OPEC+ agrees to gradually increase oil output starting from May

01/04/2021 Argaam


OPEC logo

OPEC+ alliance agreed to increase oil production gradually from May to July, in line with the recovering global economy from the COVID-19 repercussions.
 

OPEC+ said in a statement that an increase in oil production would not exceed 0.5 million barrels per day (bpd).

 

Moreover, OPEC+ praised the prudent policy approach by Saudi Arabia of maintaining its additional voluntary adjustments of 1 mb/d in April 2021 for third month in a row.
 

The Ministers noted that since the April 2020 meeting, OPEC and non-OPEC participating countries in the DoC had contributed to adjusting downward global oil supply by 2.6 billion barrels of oil by the end of February 2021, which has accelerated the rebalancing of the oil market.
 

The next meetings of the Joint Ministerial Monitoring Committee (JMMC) and OPEC and non-OPEC Ministers are scheduled for April 28, 2021.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.