Source: Most of OPEC+ states favor output rise by 0.5 mln bpd

MOSCOW, Mar 2 (PRIME) -- The majority of OPEC plus states are inclined to raise oil output by 500,000 barrels per day starting from April 1 at the next meeting on Thursday, a source in one of the delegations told PRIME on Tuesday.

"Yes, the majority wants to raise production. The situation on the market is positive, production will rise by 0.5 million barrels with a great degree of certainty," the official said.

The source also said that the technical and monitoring committees of OPEC plus are studying possible risks of the move.

Russian presidential spokesman Dmitry Peskov said that Moscow never announces expectations from the OPEC plus meetings.

"These meetings and the oil and oil product market in general like silence. This is why this meeting is being prepared, of course, this is done by Deputy Prime Minister (Alexander) Novak and we never say in advance what the expectations are, never announce them," Peskov said.

The OPEC+ countries agreed to reduce their oil output by significant 9.7 million barrels per day in May to fight the consequences of the global coronavirus crisis, with Russia’s share at 2.5 million barrels per day. Later 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 then to 5.8 million barrels per day until May 2022. The agreement is valid until April 30, 2022, but the member states will revise its extension in December 2021.

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