BofA expects OPEC+ to agree on 500,000 bpd output rise in March
MOSCOW, Jan 13 (PRIME) -- Participants of the OPEC plus deal will agree to raise oil production by 500,000 barrels per day at a meeting in March, an analyst of the Bank of America said on Wednesday.
Oil and Gas Analyst Karen Kostanyan said that the vaccination and a recovery of demand, as well as an economic recovery will trigger an easing of the agreement terms.
The next OPEC+ meeting will take place on March 4, and the monitoring committee of the alliance will meet on February 3 and March 3.
The OPEC+ countries agreed to reduce their oil output by significant 9.7 million barrels per day in May 2020 to fight the consequences of the global coronavirus crisis, with Russia’s share of 2.5 million barrels per day. The cut was prolonged at 9.7 million barrels per day for July, narrowed to 7.7 million barrels per day for August–December, and to 7.2 million barrels per day for January 2021.