Oil settles over 3% higher as OPEC+ officially announces plan to gradually lift output msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Opec+ agrees to ease oil production cuts from May, after US call to Saudi Arabia 02 Apr 2021 / 01:16 H. A 3D-printed oil pump jack is seen in front of displayed Opec logo in this illustration picture – REUTERSPIX
LONDON/DUBAI/MOSCOW: Opec+ agreed on Thursday to gradually ease its oil output cuts from May, after the new S administration called on Saudi Arabia to keep energy affordable, mirroring Donald Trump s practice of calling Opec s leader over oil policy.
The group, which has been implementing deep cuts since a pandemic-induced oil price collapse in 2020, agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July.
GRAPHIC - OPEC+ global oil market balances: tmsnrt.rs/2OcRNf8
LAUNCESTON, Australia, April 1 (Reuters) - What a difference a month can make for markets trying to guess which way the OPEC+ group of oil exporting nations will take their output policy.
A month ago, the broader market largely expected the group, made up of OPEC and key allies including Russia, to increase crude production to cool sharply rising oil prices.
Instead, the group held its output cuts at around 7 million barrels per day (bpd) for another month, extending them into April.
The market’s surprise was compounded by what was probably its incorrect reading of the move and subsequent price action.
UPDATE 1-OPEC+ hesitates between oil cuts rollover and increase, sources say Reuters 10 hrs ago
LONDON/DUBAI, April 1 (Reuters) - 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.
Two OPEC+ sources said the increase would not exceed 0.5 million bpd.
Oil falls 2% as fresh lockdowns, demand concerns weigh on OPEC+ reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.