Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Analysis Featured News Stocks

OPEC+ members to meet Thursday, likely to stick to planned output hikes

post-img

OPEC+ ministers from eight nations that are gradually raising oil output will meet online on Thursday and are likely to approve a further hike in production from May, sources from the producer group told Reuters.

Eight members of OPEC+, a group that includes the Organization of the Petroleum Exporting Countries and allies led by Russia, are scheduled to raise oil output by 135,000 barrels per day in May.

That would be the second monthly increase under a plan to unwind some of the millions of barrels per day of cuts the group has had in place since 2022.

OPEC+ is simultaneously pressuring other producers that have exceeded their output targets to rein in output and pump below target for a time to compensate.

Two of the OPEC+ sources said the meeting was to review plans for some members to make additional output cuts to compensate for pumping above their quotas.

Two others said the group’s plan to continue to unwind their most recent layer of oil output cuts was expected to remain unchanged for May.

All sources declined to be identified by name due to the sensitivity of the matter. OPEC did not immediately reply to a Reuters request for comment.

OPEC+ has been cutting output by 5.85 million bpd, equal to about 5.7% of global supply. The group has agreed on a series of steps since 2022 to support the market.

An OPEC+ ministerial committee, with the power to recommend to the larger group changes in production policy, was earlier scheduled to meet on April 5 although one source said this may also take place on Thursday.

Related Post