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By Reuters Staff
1 Min Read
FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo
LONDON (Reuters) - OPEC+ has reached a preliminary deal to gradually ease production cuts from May, two OPEC+ sources said on Thursday.
The group was still debating exact figures, sources said.
Two sources had said earlier that OPEC+ was considering increasing output by 350,000 barrels per day in May, 350,000 bpd in June and 400,000 bpd in July.
Reporting by OPEC team; Editing by Edmund Blair
Europe’s lockdowns restrain global fuel demand recovery
Renewed lockdown restrictions in Europe and slower than expected vaccine rollouts are likely to check a global recovery in fuel demand and make OPEC+ oil producers take a cautious stance when the group reassesses output policy this week.
With its extensive vaccination programme, Europe was central to forecasts for demand recovery, especially as many Europeans were hoping for a return to normality by the summer and holidays abroad. That now seems unlikely.
Germany, Europe’s biggest oil consumer, has extended its lockdown until April 18 to contain a third COVID-19 wave.
A third of French people have entered a month-long lockdown, and most of Italy, including its capital Rome and its financial centre Milan, have curbs on business and movements.