OPEC+ Agrees to Increase Production Starting May... Production Volume Under Discussion

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Oil-producing countries have decided to increase production considering economic recovery.

According to Bloomberg on the 1st (local time), at the OPEC and non-OPEC major oil-producing countries' consultative body 'OPEC Plus' (OPEC+) oil ministers' meeting held that day, participating countries agreed to gradually increase oil production starting from May, taking into account the global economic recovery.

An anonymous delegation reported that Saudi Arabia, which is voluntarily cutting production by 1 million barrels per day, proposed the gradual increase.

Other major foreign media also reported, citing sources, that OPEC+ member countries are considering a phased production increase from May to July.

TASS news agency, citing sources, also reported that OPEC+ agreed on a phased production increase over three months starting in May, but the exact amount of the increase is still under discussion.

On the same day, May West Texas Intermediate (WTI) crude oil was trading at $60.5 per barrel, up 2.3%, on the New York Mercantile Exchange.

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