OPEC+ countries reaffirm decision to boost oil production in May - July

OPEC+ countries reaffirm decision to boost oil production in May - July
# 01 June 2021 23:10 (UTC +04:00)

Ministers of OPEC+ countries ended negotiations on the oil market actions and agreed to keep effective the plan of oil production recovery by 2 mln barrels per day, APA reports citing OPEC website.

The meeting "reconfirmed the existing commitment of the 10th OPEC and non-OPEC Ministerial Meeting in April 2020, amended in June, September, and December 2020, as well as in January and April 2021 to gradually return 2 million barrels a day (mb/d) of the adjustments to the market, with the pace being determined according to market conditions," the document says.

The next OPEC and non-OPEC ministerial meeting is scheduled on July 1 of this year, OPEC says.

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THE OPERATION IS BEING PERFORMED