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OPEC+ to increase its production of Crude Oil

Category: Economy

Date: 2021-01-05T19:14:25+0000
OPEC+ to increase its production of Crude Oil

Shafaq News/ OPEC+ resumed talks on Tuesday after reaching a deadlock over February oil output levels as Saudi Arabia argued against pumping more due to new lockdowns while Russia led calls for higher production citing recovering demand.

Russia and Kazakhstan had backed raising production according to OPEC+ talks.

OPEC+ producers decided in its first 2021 meeting output to reduce oversupply with cuts reaching a record 7.2 million bpd in January, 7.125 million bpd in February, and 7.05 million bpd in March.

OPEC+ producers have been curbing output to support prices and reduce oversupply since January 2017, with cuts reaching a record 9.7 million bpd in mid-2020 as COVID-19 hammered demand for gasoline and aviation fuel.

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