OPEC+ to decide on oil production policy as demand concerns persist CNBC 1 hr ago Sam Meredith
OPEC and non-OPEC partners, a group sometimes referred to as OPEC+, are scheduled to hold a virtual meeting from 1 p.m. London time.
The OPEC+ alliance is cutting by just over 7 million barrels per day in an attempt to prop up prices and reduce oversupply. OPEC kingpin Saudi Arabia has voluntarily added an additional 1 million barrels per day to those cuts.
The ongoing coronavirus crisis continues to cloud the outlook for the remainder of the year, and analysts expect this to reaffirm Saudi Arabia s caution about the global economic recovery.
The OPEC+ alliance is currently cutting by just over 7 million barrels per day in an attempt to prop up prices and reduce oversupply. OPEC kingpin Saudi Arabia has voluntarily added an additional 1 million barrels per day to those cuts.
The meeting comes shortly after the Suez Canal reopened to traffic and as the coronavirus continues to spread worldwide, with French President Emmanuel Macron ordering the country into its third national lockdown to alleviate some of the pressure on hospitals.
The ongoing coronavirus crisis continues to cloud the demand outlook and analysts expect this to reaffirm Saudi Arabia s caution about the global economic recovery.
The OPEC+ alliance is currently cutting by just over 7 million barrels per day in an attempt to prop up prices and reduce oversupply. OPEC kingpin Saudi Arabia has voluntarily added an additional 1 million barrels per day to those cuts.
The meeting comes shortly after the Suez Canal reopened to traffic and as the coronavirus continues to spread worldwide, with French President Emmanuel Macron ordering the country into its third national lockdown to alleviate some of the pressure on hospitals.
The ongoing coronavirus crisis continues to cloud the demand outlook and analysts expect this to reaffirm Saudi Arabia s caution about the global economic recovery.
The OPEC+ alliance is currently cutting by just over 7 million barrels per day in an attempt to prop up prices and reduce oversupply. OPEC kingpin Saudi Arabia has voluntarily added an additional 1 million barrels per day to those cuts.
The meeting comes shortly after the Suez Canal reopened to traffic and as the coronavirus continues to spread worldwide, with French President Emmanuel Macron ordering the country into its third national lockdown to alleviate some of the pressure on hospitals.
The ongoing coronavirus crisis continues to cloud the demand outlook and analysts expect this to reaffirm Saudi Arabia s caution about the global economic recovery.
The group will increase output by 350,000 bpd in May and June and will add 450,000 bpd in July.
Saudi Arabia, which had supported the group s restrictions by volunteering to cut 1 million bpd until April, will phase out the curbs from May onwards.
Riyadh will cut 250,000 bpd in May, 350,000 bpd in June and 400,000 bpd in July.
Russia will not participate in the curbs in May but will spread its quota, equivalent to 39,000 bpd over a three-month period from June onwards.
Kazakhstan will also follow Russia s production cut timeline and will restrict 6,000 bpd from June.
Saudi Arabia s Energy Minister Prince Abdulaziz bin Salman told reporters the group would bring back supply gradually and be mindful of how the market may react .