OPEC+ agrees to gradually increase oil output starting from May

01/04/2021 Argaam


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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.

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