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Opec+ approves only modest oil output increases | Daily Express Online

Published on: Saturday, April 03, 2021 By: AFP The Opec+ nations decided to gradually increase output. LONDON: Oil producing countries grouped together under the Opec+ alliance led by Saudi Arabia and Russia agreed Thursday to only limited output increases as of next month. Crude prices shot higher after the announcement, with the main international contract, Brent, rising 1.8 per cent to $63.84, while the US contract WTI jumped 2.1 per cent to 60.39. In a statement issued after the meeting, the ministers noted “improvements in the market supported by global vaccination programmes and stimulus packages in key economies”. ADVERTISEMENT However, they also noted “the volatility observed in recent weeks warrants a continued cautious and vigilant approach in monitoring market developments.”

Russia Optimistic About Rising Demand As OPEC+ Agrees To Increase Oil Output

Russia Optimistic About Rising Demand As OPEC+ Agrees To Increase Oil Output April 02, 2021 06:54 GMT Share share Print The OPEC+ group of oil producing countries, led by Saudi Arabia and Russia, has agreed to increase oil output gradually over the next months. Signaling expectations of rising post-pandemic demand for oil, ministers noted in an April 1 statement improvements in the market supported by global vaccination programs and stimulus packages in key economies. The OPEC+ group made up of the Organization of Petroleum Exporting Countries and its allies, including Russia has been coordinating about 7 million barrels per day (bpd) in production cuts to maintain prices in response to lower demand during the COVID-19 pandemic.

OPEC+ Expected To Stay Cautious In Face Of Market Jitters

OPEC+ Expected To Stay Cautious In Face Of Market Jitters 03/31/21 AT 11:23 PM Oil producing countries grouped together under the OPEC+ alliance led by Saudi Arabia and Russia are expected to agree an extension to their current output cuts at a meeting on Thursday. Their third ministerial meeting of 2021 will be held via videoconference and is scheduled to start at 1200 GMT. The producer alliance is virtually guaranteed to extend current oil cuts into May, according to Stephen Brennock of PVM, reflecting a widespread view among analysts. It may even go a step further and prolong supply curbs into June, he added, with the possibility that Russia and Kazakhstan may be given some small leeway to increase output as happened earlier in the year.

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