Report: OPEC+ in negotiations to raise 2021 output by 1 mln bpd

MOSCOW, Mar 4 (PRIME) -- The OPEC plus agreement participants are discussing raising production by 1 million barrels per day in April, the Wall Street Journal reported on Thursday citing sources.

Saudi Arabia is to raise production by 500,000 barrels per day, and the rest of OPEC plus cartel by another 500,000 barrels per day, including Russia with 125,000 barrels per day.

The sources said that the delegations also discussed raising production by 1.4 million barrels per day.

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 until May 2022. The agreement is valid until April 30, 2022, but the members will revise its extension in December 2021.

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