Follow RT on The price of crude surged nearly 4% on Friday, following a decision by the Organization of the Petroleum Exporting Countries and its allied producers (OPEC+) to add more than two million barrels per day to the market by July.
Benchmark Brent rose 3.38% to $64.86 a barrel, while US West Texas Intermediate (WTI) oil grew 3.87% to trade at $61.45 a barrel as of 8:40am GMT.
Under Thursday’s deal, the alliance of the world’s top crude producers agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June, and a further 400,000 bpd or so in July. The cuts implemented by OPEC+ would be just above 6.5 million bpd from May, compared with slightly below seven million bpd in April.
Alexander Novak attends 15th ministerial meeting of OPEC and non-OPEC countries
After consultations via videoconference, Deputy Prime Minister Alexander Novak said the participants discussed the current condition of the global oil market, the fulfilment of the OPEC+ March recommendations and new recommendations on joint actions starting in May 2021.
“The most important decision was to start the general recovery of oil production on May 1 by the OPEC+ countries over three months. Thus, in May the overall increase will be about 350,000 barrels per day; in June it will be the same, and in July it will be 441,000 barrels per day. The countries will follow the common schedule from the April 2020 agreement. In addition, Saudi Arabia, that earlier took on special reduction commitments, decided to increase its output additionally,” reported the Deputy Prime Minister.
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The group, which has been implementing deep cuts since oil prices collapsed in 2020 due to the coronavirus crisis, agreed to ease production cuts by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July
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