The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries, known as OPEC+, have agreed to increase oil production for May, June and July 2021.
The announcement came after a meeting on Thursday which was co-chaired by Saudi Arabia’s Energy Minister Abdulaziz bin Salman and Russia’s Deputy Prime Minister Alexander Novak, Xinhua news agency quoted a statement by OPEC.
The decision was made based on the improvements in the market supported by global vaccination programs 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).
The OPEC+ agreed in April 2020 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.