OPEC+ sticks to oil output increase plan

Logo of OPEC

OPEC+ agreed to stick to plans of the scheduled increase in crude output next month, after easing the production cut at the beginning of April.

The panel decided to stick to policies broadly agreed at a previous April 1 meeting of OPEC+, where it was decided to increase oil production by 2.1 million barrels per day in May and July.

The rate of commitment to the agreement to reduce production reached 115% last March, indicating that the countries participating in the agreement pledged to achieve full commitment and compensate any previous deficiency during the coming months.

The global restocking of inventories continued, with an increase of 14.4 million barrels in March 2021 — 77.4 million barrels above the 2015-2019 average, the panel said.

The next ministerial meeting of OPEC+ is scheduled to be held on June 1, 2021.