OPEC + countries agree on smooth recovery of oil production from May

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The ministers of the OPEC + states at negotiations on Thursday, April 1, agreed to start the restoration of oil production from May.

According to a TASS source from the Organization of Petroleum Exporting Countries, a similar process will be carried out gradually from May to July.

Bloomberg, citing sources, notes that ahead of the group’s decision, futures rose 4.1% in New York after turbulent trading. In addition, it is emphasized that OPEC + spoke in favor of maintaining the current level of oil production for the next month or two.

Saudi Arabia has come up with a proposal to increase production by 350 thousand bpd in May and June, and by 400 bpd in July.

In early March, the OPEC + ministerial monitoring committee was held. The meeting discussed the potential production volumes of the member countries of the alliance in April. No recommendations were made on further actions of the organization.

Deputy Prime Minister of the Russian Federation Alexander Novak on March 3 called the situation on the oil market optimistic. According to him, it has become better in comparison with last year. However, he stressed that the current conditions in the global market still cause concern.

In early January, Novak said that Russia assesses the situation on the oil market positively. The country expected to ease the quarantine measures introduced in connection with the coronavirus pandemic.