OPEC+ raises output plan by 1.141 mln bpd in May–July

MOSCOW, Apr 2 (PRIME) -- The OPEC plus agreement participants raised the production plan by 1.141 million barrels per day for May–July, against the market expectations but the oil prices increased 2–3%, according to the statements from the meeting and market data seen by PRIME late on Thursday.

The alliance will raise production by 350,000 barrels per day in May, by the same amount in June and 441,000 barrels per day in July. Russia and Kazakhstan, which were the only participants of the deal to raise output before, will increase it slower than the rest of the countries to get back to the schedule. Russia will boost production by 38,000 barrels per day every month and Kazakhstan by 6,000 barrels per day.

The next meeting of the alliance is slated for April 28.

Russia's Deputy Prime Minister Alexander Novak said that Russia will spread the production raise evenly through May–July.

"Concerning Russia, as you know, last month decisions were made that allowed us to restore production partially from our quota and we have 114,000 barrels per day left. We will also use this recovery with the rest of the countries in three months," he told channel Rossiya 24.

Brent grew by 3% to about U.S. $65 per barrel on the news. 

End %%mk/jst%%