Russia Optimistic About Rising Demand As OPEC+ Agrees To Increase Oil Output April 02, 2021 06:54 GMT Share share Print The OPEC+ group of oil producing countries, led by Saudi Arabia and Russia, has agreed to increase oil output gradually over the next months. Signaling expectations of rising post-pandemic demand for oil, ministers noted in an April 1 statement "improvements in the market supported by global vaccination programs and stimulus packages in key economies." The OPEC+ group -- made up of the Organization of Petroleum Exporting Countries and its allies, including Russia -- has been coordinating about 7 million barrels per day (bpd) in production cuts to maintain prices in response to lower demand during the COVID-19 pandemic.