OPEC+ approves oil output increases from May
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Last Updated: Apr 01, 2021, 10:21 PM IST
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Synopsis The Meeting approved the adjustment of the production levels for May, June and July 2021. with every adjustment being no more than 0.5 million b/d (barrels per day), a statement from the grouping said.
Agencies
The OPEC+ grouping of oil producers announced after a ministerial videoconference meeting Thursday that they had approved an increase in output from May onwards.
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.
UPDATE 9-OPEC+ to ease oil curbs from May after U S calls Saudi 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.
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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.