OPEC agrees to slowly increase oil production on Covid recovery bet By Salma El Wardany, Javier Blas, Dina Khrennikova and Grant Smith on 4/1/2021
Russian Deputy Prime Minister Alexander Novak
(Bloomberg) OPEC+ agreed to increase oil production gradually in the coming months, making a cautious bet on a summer economic rebound as the world recovers from Covid-19.
Defying market expectations for the second time in less than a month, the group agreed to add more than 2 million barrels a day to global oil supplies from May to July. That will return about a quarter of the crude they are still withholding after making deep cuts a year ago in response to the pandemic.
Saudi Arabia urges caution as Opec+ weighs current output pact
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OPEC+ shows confidence in economic recovery with oil-supply hike
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OPEC+ agreed to increase oil production gradually in the coming months, making a cautious bet on a summer economic rebound as the world recovers from Covid-19.
Defying market expectations for the second time in less than a month, the group agreed to add more than 2 million barrels a day to global oil supplies from May to July. That will return about a quarter of the crude they are still withholding after making deep cuts a year ago in response to the pandemic.
With oil prices firmly above $60 a barrel, the Organization of Petroleum Exporting Countries and its allies have been under pressure to provide more fuel to an accelerating global economy. Other commodity costs have also been soaring, leaving central banks from the U.S. to China grappling with the potential of higher inflation just as their governments are pouring trillions of dollars into fiscal stimulus.