VIENNA, March 4 (Bernama-Xinhua) -- The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, announced on Monday that they will move forward with their previously planned oil output increase starting April 1, reported Xinhua.
According to a statement on the OPEC website, eight OPEC+ countries -- Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman -- have agreed to "proceed with a gradual and flexible return of the 2.2 million barrels per day (bpd) voluntary adjustments" starting in April. The decision was attributed to "healthy market fundamentals and the positive market outlook."
The agreement was reached following a virtual meeting earlier in the day, where members reviewed global market conditions and the future outlook.
Despite the planned increase, the countries said they would remain adaptable to market conditions and may pause or reverse the output hike if necessary.
Initially announced in November 2023, the 2.2 million bpd production cuts were introduced for the first quarter (Q1) of 2024. These cuts have been extended multiple times since then, with the latest extension pushing them through Q1 of 2025.
—BERNAMA-XINHUA
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