• 3 minutes e-car sales collapse
  • 7 minutes Energy Armageddon
  • 11 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 hours America Is Exceptional in Its Political Divide
  • 1 day Cummins showcases 15L fuel-agnostic engine platform; hydrogen, diesel, biogas 16 March 2023
  • 6 days Gazprom and Rosneft super result
  • 13 hours *****5 STARS - "The Markets are Rigged" by The Corbett Report

Breaking News:

Oil’s Low Prices Draw Rash Of Hedging

Oil Falls Despite Large Draws In Fuel Inventories

Oil Falls Despite Large Draws In Fuel Inventories

WTI crude failed to recover…

China’s Economic Upswing May Not Boost Oil Prices

China’s Economic Upswing May Not Boost Oil Prices

Forecasters are positive about crude…

Major Products Draws Send Oil Prices Higher

Major Products Draws Send Oil Prices Higher

Oil prices inched higher on…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Russia: OPEC+ To Gradually Ease Production Cuts In May-July

The OPEC+ alliance will gradually ease the collective production cuts between May and July, as the ministers agreed earlier this month, Russia’s Deputy Prime Minister Alexander Novak told reporters on Friday.

The decision was taken by OPEC+, and the gradual reversal of part of the cuts will take place between May and July, Novak said, as carried by the Russian news agency Interfax.

Russia, the key partner of OPEC in the OPEC+ group, decided together with its allies led by Saudi Arabia to ease the collective production cuts by over 1 million barrels per day (bpd) over the next three months to July.

In early April, OPEC+ decided to gradually increase collective oil production by 350,000 bpd in each of May and June and by more than 400,000 bpd in July. Additionally, Saudi Arabia will also gradually ease its extra unilateral cut of 1 million bpd over the course of the next few months, beginning with monthly production increases of 250,000 bpd in each of May and June.

Before the OPEC+ meeting that agreed on these parameters, Novak said that the situation on the global oil market had improved since the March meeting. There are still many uncertainties on the global oil market, especially in Europe, Russia’s top oil diplomat said, but noted that there is currently a deficit of 2 million bpd on the market.

Novak also said at that meeting that he expects global oil demand to increase by 5 million bpd-5.5 million bpd this year compared to last year.

This week, OPEC raised its global demand growth estimate, and so did the International Energy Agency (IEA), giving the market hope that demand would rebound strongly later this year and offset the weakness seen in the first half due to surging cases and lockdowns in Europe and major oil importer India. The IEA now sees oil demand rising by 5.7 million bpd in 2021 compared to 2020, revising up its estimate by 230,000 bpd “to take account of better economic forecasts and robust prompt indicators.”

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News