Kazakhstan says OPEC+ states decide to raise oil output in May–Jul

MOSCOW, Apr 1 (PRIME) -- The OPEC+ states agreed to raise the combined oil production by 350,000 barrels in May, by another 350,000 barrels in June, and by 450,000 barrels in July, the Energy Ministry of Kazakhstan said following the meeting of the alliance that took place on Thursday.

The OPEC said in a statement that the OPEC+ states agreed to extend the mechanism of compensation of the members’ previous underperformance under the deal to the end of September.

The organization also said that the next meeting of the OPEC+ monitoring committee is slated for April 28.

The OPEC+ countries agreed to reduce their oil output by 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 narrowed to 7.7 million barrels per day for August–December 2020, and then to 5.8 million barrels per day.

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