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LONDON/DUBAI/MOSCOW (Reuters) - OPEC+ agreed on Thursday to gradually ease its oil output cuts from May, after the new U.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 implemented 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.
Iran s oil minister, Bijan Zanganeh, confirmed the group would have boosted output by a total of 1.1 million bpd by July.
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Betting on Mounting Oil Demand, OPEC and Allies Agree to Boost Production
The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, agreed on Thursday to ramp up crude production in anticipation of increased demand. The shift comes despite elevated uncertainty about the coronavirus pandemic and its still festering impacts on global travel and economic activity.
Saudi Arabia-led OPEC and an allied group of leading producers headed by Russia agreed to boost output by 350,000 b/d in May and June, and then increase to as much as 450,000 b/d in July. Saudi Arabia also would begin to unwind cuts it made earlier this year.
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Group will add about 2 million barrels a day from May to July
OPEC and an alliance of other top oil producers agreed to boost their collective production by more than two million barrels a day over coming months, betting on resurgent demand as they and the rest of the world assess the economic consequences of the pandemic’s trajectory.
The Organization of the Petroleum Exporting Countries and a group of other big producers led by Russia agreed to boost output in May by 350,000 barrels a day, and by the same amount again in June, according to delegates. They agreed to then increase output by another 450,000 barrels a day in July.