The organization of Petroleum Exporting Countries (OPEC) non OPEC oil producing countries agreed on April 1 to gradually increase oil production in three months May.
OPEC non OPEC oil producing countries held a ministerial meeting by video on the same day. The meeting statement said that the member states have reached an agreement on the level of increasing production in May, June July this year, will continue to abide by the mechanism of holding a monthly ministerial meeting to assess market conditions decide on the scale of production adjustment in the next month, with a monthly adjustment rate of no more than 500000 barrels per day.
The statement said that the world energy market has improved with the support of the new crown vaccination program stimulus programs of major economies, but OPEC non OPEC oil producing countries have noted that the fluctuations in recent weeks require member countries to continue to take a cautious approach to monitor market development.
According to the production quota of each country published on the official website of OPEC, OPEC non OPEC oil producing countries will increase their production by 350000 barrels per day in May, the increase rate in June will be the same as that in May. The production in July will increase by 441000 barrels per day.
Saudi energy minister Abdel Aziz bin Salman said on the same day that in the face of the impact of the epidemic on the economy, the recovery of global oil demand is uneven. OPEC non OPEC oil producers should remain cautious in determining future oil production levels until there are indisputable signs of economic recovery.
According to the agreement reached on December 3, 2020, OPEC non OPEC oil producing countries will increase production by 500000 barrels per day on average in January 2021. Each party will hold a ministerial meeting every month to assess the market situation decide the scale of output adjustment in the next month, with the monthly adjustment range exceeding 500000 barrels per day. OPEC non OPEC oil producing countries held a meeting in early January this year to reach an agreement on crude oil production in February March, agreed on March 4 to continue to maintain most of the production reduction policies until April.
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Source: International Petroleum Network
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