OPEC+ hesitates between oil cuts rollover and increase: Sources
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Last Updated: Apr 01, 2021, 08:44 PM IST
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The Organization of the Petroleum Exporting Countries (OPEC) and allied producers, a grouping known as OPEC+, are cutting output by a little more than 7 million barrels per day (bpd) to support prices and reduce oversupply.
Agencies
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LONDON/DUBAI: OPEC+ will debate two key options for oil policies from May and beyond, including a rollover of existing cuts and a gradual increase of production, three OPEC+ sources said.
The Organization of the Petroleum Exporting Countries (OPEC) and allied producers, a grouping known as OPEC+, are cutting output by a little more than 7 million barrels per day (bpd) to support prices and reduce oversupply. Saudi Arabia has added an additional 1 million bpd to those cuts.
OPEC+ discusses maintaining oil production cuts
The OPEC Secretariat building ahead of the the 177th Organization Of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Wednesday, December 4, 2019. [Stefan Wermuth/Bloomberg via Getty Images] April 1, 2021 at 2:02 pm
OPEC+ today debated whether to keep deep oil output cuts in place or ease them after the administration of US President Joe Biden resumed Donald Trump s practice of calling OPEC leader Saudi Arabia and said energy should be kept affordable,
Reuters reported.
US Energy Secretary Jennifer Granholm said on Twitter she had spoken to Saudi Energy Minister Prince Abdulaziz Bin Salman. We reaffirmed the importance of international cooperation to ensure affordable and reliable sources of energy for consumers, she wrote, potentially adding a further reason for the group to consider a production hike.
By Rania El Gamal, Ahmad Ghaddar and Olesya Astakhova DUBAI/LONDON/MOSCOW (Reuters) - OPEC+ has lowered its 2021 oil demand growth forecast by 300,000 barrels per day reflecting concerns about the market s recovery as new coronavirus lockdowns take hold, a move that could strengthen the case for a cautious output decision this week. The Joint Technical Committee, which advises the group of oil-producing nations that includes Saudi Arabia and Russia, met on Tuesday ahead of a ministerial meeting on Thursday to decide output policy. Despite the ongoing destocking of commercial OECD stocks, they remain above the 2015-2019 average, while recognising that prevailing volatility in the market structure is a signal of fragile market conditions, according to the JTC report seen by Reuters.
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