OPEC+ monitoring committee recommends maintaining output growth plan for June-July

OPEC+ monitoring committee recommends maintaining output growth plan for June-July
# 01 June 2021 18:43 (UTC +04:00)

 The OPEC+ ministerial monitoring committee recommended at a Tuesday meeting that the member-states leave the plan on crude production recovery for June-July adopted in April unchanged, a source in OPEC said, APA reports citing TASS.

"Without changes. The recommendation is to stick to the previous plan," he said.

OPEC+ states agreed in April to gradually increase oil production in May-July by 2.1 mln barrels per day.

According to the analysis of the OPEC+ technical committee obtained by TASS, the oil demand is expected to rise by six mln barrels per day in 2021, whereas the oil supply deficit will even intensify in 2021 compared with the previous estimate — from 1.2 mln to 1.4 mln barrels per day. Commercial crude stockpiles of OECD states are projected to be in deficit as early as after July, OPEC+ expects.

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THE OPERATION IS BEING PERFORMED