OPEC+ to Raise Oil Output by 400k bpd in April

On Wednesday, the 23 member states of the Organization of the Petroleum Exporting Countries and its allies, the OPEC+ coalition, agreed at their 26th meeting to increase production by 400,000 barrels per day in April.

During the meeting of the oil and energy ministers of OPEC+, which lasted less than 20 minutes, the crude oil production of the member countries will increase by 400,000 barrels per day in April in a situation where crude oil prices have passed $110 per barrel.

At their 19th meeting in July, OPEC and its allies agreed to increase production by a total of 400,000 barrels per day each month to end the supply limit of 5.8 million barrels per day, a decision that has been in place since August.

In response to the collapse in demand at the height of the Covid-19 outbreak, OPEC+ cut production by 9.7 million barrels per day in May 2020, equivalent to about 10 percent of global demand, but has since facilitated supply constraints given the global demand recovery over time.

The members of the coalition decided to hold the 27th meeting of the OPEC+ on March 31, 2022.