Opec+ discussing gradual oil output rise from August

23 June, 2021 12:00 AM printer

DUBAI: Opec+ is discussing a further gradual increase in oil output from August as oil prices rise on demand recovery, but no decision had been taken on the exact volume yet, two Opec+ sources familiar with the talks said on Tuesday.

The Organization of the Petroleum Exporting Countries and allies, known as Opec+, is returning 2.1 million barrels per day (bpd) to the market from May through July as part of a plan to gradually unwind last year’s record oil output curbs. Opec+ meets next on July 1, report agencies.

“It is highly possible to increase gradually from August,” said one of the sources, adding that no final decision had been made and the exact volumes are yet to be agreed on.

The talks mean that Opec and Russia are likely to find common ground again on oil production policy. Moscow has been insisting on raising output further to avoid prices spiking, while key Opec producers, such as Saudi Arabia, have given no signals on the next step until now.


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