OPEC+ agrees on 432K BPD output quota hike in May as expected

OPEC+ agrees on 432K BPD output quota hike in May as expected
# 31 March 2022 16:26 (UTC +04:00)

OPEC+ agreed as expected to increase oil output quotas by 432,000 barrels per day (BPD) from May, as had broadly been expected by analysts, and as had been recommended by the group's Joint Ministerial Monitoring Committee, whose meeting concluded just minutes ago, APA-Economics report citing Bloomberg on Thursday.

The next OPEC+ meeting will be held on May 5.

Thursday's OPEC+ meeting came against the backdrop of a large intra-day decline in oil prices as a result of sources reporting that the White House is considering a record oil reserve release of up to 180M barrels over the next several months (allegedly amounting to about 1M BPD). OPEC+ nations have up until now ignored calls from the US and other major oil-consuming nations (like India) to increase output at a faster pace.

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THE OPERATION IS BEING PERFORMED