OPEC +: An agreement on an increase in production, starting from May

Economy/International

1-04-2021, 18:51

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The Reuters news agency quoted an informed source as saying that the "OPEC +" group reached today, Thursday, an agreement on a gradual increase in oil production, starting from May.
Reuters sources indicated that OPEC + agreed to increase production by 350 thousand barrels per day in May, and the same in June, then 400 thousand barrels per day in July.
On the other hand, a source confirmed that Saudi Arabia has not yet reported plans for its voluntary reduction.
The "OPEC +" group cuts production by about seven million barrels per day to support prices, while Saudi Arabia adds one million barrels per day to those cuts.
Source: "Reuters"