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OPEC+ to increase oil production from May

Category: Economy

Date: 2021-04-01T16:43:00+0000
OPEC+ to increase oil production from May

Shafaq News/ OPEC+ agreed on Thursday to increase oil production gradually over the next three months.

The agreement between the Organization of Petroleum Exporting Countries and its allies to increase production from May to July includes a phasing out of Saudi Arabia’s unilateral 1-million barrel-a-day supply cut, according to delegates.

Two OPEC+ sources said to Reuters the increase would not exceed 0.5 million bpd.

The current plan for the group is to boost output by 350,000 barrels a day in May and again for June, before an increase by 440,000 barrels a day in July.

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