The participants in the meeting of representatives of the OPEC + countries agreed to increase oil production in May by 350 thousand barrels per day, in June also by 350 thousand barrels per day and in July by 450 thousand barrels per day. At the same time, Saudi Arabia will additionally increase oil production by 250 thousand barrels per day in May, by 350 thousand - in June and by 400 thousand - in July. According to an Interfax source, Russia also supports a gradual increase in oil production.
"The growth in oil production is a welcome sign for the economy, it can speak of its recovery despite the new waves of the COVID-19 coronavirus pandemic. It is curious that after the announcement of the decision of the OPEC+ countries, Brent crude oil began to rise in price, as of 21:00 Moscow time it cost $ 65.09 per barrel, having added almost three dollars to the price in the morning", - notes the Dozhd TV channel.
In March last year, the OPEC+ countries were unable to agree on a reduction in oil production amid the first wave of the pandemic. After that, oil prices fell by almost 30%, the cost of WTI oil for some time dropped even to negative values. Soon, the parties to the agreement nevertheless decided to gradually reduce oil production by a record 9.7 million barrels per day over two years - until May 2022, but now this decision has been adjusted.