Moneycontrol PRO
Upcoming Event:Attend Algo Convention Live, 2 Days & 12+ Speakers at best offer Rs.999/-, exclusive for Moneycontrol Pro subscribers. Register now!
you are here: HomeNewsBusiness

OPEC+ likely to raise June output by 432,000 bpd: Report

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, have been unwinding record output cuts in place since the COVID-19 pandemic took hold in 2020.

April 28, 2022 / 05:50 PM IST

OPEC+ is likely to stick to its existing deal and agree another 432,000 barrel per day oil output increase for June when it meets on May 5, six sources from the producer group told Reuters on Thursday.

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, have been unwinding record output cuts in place since the COVID-19 pandemic took hold in 2020.

Major consumers, led by the United States, have been pressing the group to boost output at a faster pace, however, especially as Western sanctions hit Russian output.

Under the a deal reached in July last year, the group is set to increase output targets by 432,000 bpd every month until the end of September, to unwind its remaining production cuts.

The group, however, has been struggling to produce at its agreed targets, a trend that is likely to continue.

Close
It produced 1.45 mln bpd below its production targets in March, as Russian output began to decline, data showed.



Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes

Reuters
first published: Apr 28, 2022 05:19 pm
Sections
ISO 27001 - BSI Assurance Mark