OPEC+ To Ease Output Cuts From May marinelink.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marinelink.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
1 Min Read
FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic
LONDON/DUBAI (Reuters) - OPEC+ will debate two key options for oil policies from May and beyond, including a rollover of existing cuts and a gradual increase of production, three OPEC+ sources said.
The Organization of the Petroleum Exporting Countries (OPEC) and allied producers, a grouping known as OPEC+, are cutting output by a little more than 7 million barrels per day (bpd) to support prices and reduce oversupply. Saudi Arabia has added an additional 1 million bpd to those cuts.
UPDATE 4-OPEC+ debates whether to ease oil output cuts, as U.S. resumes energy calls to Saudi Reuters 5 hrs ago U.S. energy secretary, Saudi energy minister hold call
Popular Searches Saudi opens talks with call for cautious stance (Updates with start of OPEC+ meeting)
By Alex Lawler, Rania El Gamal and Vladimir Soldatkin
LONDON/DUBAI/MOSCOW, April 1 (Reuters) - OPEC+ debated on Thursday whether to keep deep oil output cuts in place or ease them after the new U.S. administration resumed Donald Trump s practice of calling OPEC leader Saudi Arabia over policy and said energy should be kept affordable.
OPEC+ agreed on Thursday to gradually ease its oil output cuts from May, after the new U.S. administration called on Saudi Arabia to keep energy affordable, mirroring Donald Trump's practice of calling OPEC's leader over oil policy.
UPDATE 2-U.S. resumes calls to Saudi as OPEC+ debates increase or rollover Reuters 1 hr ago
(Releads with U.S. call to Saudi Arabia)
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By Alex Lawler, Ahmad Ghaddar and Rania El Gamal
LONDON/DUBAI, April 1 (Reuters) - The United States said in call with Saudi Arabia that energy should be kept affordable for consumers, as the administration of President Joe Biden resumed the practice of his predecessor Donald Trump who contacted OPEC s leader before key meetings.
U.S. Energy Secretary Jennifer Granholm said on Twitter she had a call with Saudi Energy Minister Abdulaziz Bin Salman. We reaffirmed the importance of international cooperation to ensure affordable and reliable sources of energy for consumers, Granholm said.