RIYADH – The Organisation of the Petroleum Exporting Countries (Opec) and non-Opec countries, known as Opec+, agreed in an online meeting yesterday to increase oil production for May, June and July this year.
The meeting was co-chaired by Saudi Arabia’s Energy Minister Abdulaziz Salman and Russia Deputy Prime Minister Alexander Novak, reported the Xinhua news agency quoting an Opec statement.
The decision was made based on improvements in the market supported by global vaccination programmes and stimulus packages in key economies.
Further meetings will be held to assess market conditions and decide on production adjustments, with each adjustment no more than 500,000 barrels per day (bpd).
Opec+ agreed in April last year to slash oil output by 9.7 million bpd as the Covid-19 pandemic ravaged demand, and decided later to extend the cut but with less amount until the end of last year. – Bernama, April 2, 2021
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