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OPEC and allies decide to boost crude oil production

Date: 03 April 2021 Tags: Miscellaneous
  • The OPEC oil cartel and allied countries have decided to gradually add back some 2 million barrels per barrel per day of oil production from May to July.
  • The group is adding back production that was slashed last year to support prices as demand fell during the worst of the pandemic recession.
  • Meanwhile Saudi Arabia will restore an additional 1 million barrels per day that it made on its own.
  • Oil prices were trading higher despite the decision to increase production, suggesting markets see adequate demand for the added oil.