OPEC + decides to gradually increase oil production from May

The “OPEC Plus” alliance of oil-producing countries announced that it had agreed to increase crude production from May, after a ministerial meeting held via the Internet on Thursday.

The coalition statement said meeting participants “approved the amendment to production levels for May June and July 2021 … provided the amount of each increase does not exceed 0.5 million barrels per day “.

The sources added that the group is still looking for the exact numbers.

Reduce voluntary cuts by 250,000 barrels in May

For his part, the Saudi Minister of Energy, Prince Abdulaziz bin Salman, stressed that the return of voluntary cuts in oil production will be gradual.

While indicating that discussions with US officials have not affected today’s decision, he said, “We have not discussed oil markets with US officials.”

He continued, “It is still possible to adjust production levels at the next meeting on April 28.”

And he said in his speech: “The reduction of voluntary cuts of 250, 350 and 400 thousand barrels per day in May-July.”

The oil market is far from a full recovery

In turn, Saudi Energy Minister Prince Abdulaziz bin Salman confirmed today, Thursday, that OPEC + oil producers have taken a cautious approach, but the market is far from a full recovery.

Opening the OPEC + meeting, Prince Abdulaziz bin Salman said: “Last month we called for a cautious and restrained approach. Fortunately, the events that followed proved that we were right.

He added: “The market now realizes that OPEC + cautiousness was the right course of action, and the remaining fact (is that) the global picture is far from moderate and the recovery is far from over. ‘be complete. “

For his part, Russian Deputy Prime Minister Alexander Novak said on Thursday that he expects global oil demand to increase between 5 million and 5.5 million barrels per day this year.