OPEC+ countries decided to abide by the previously established deal to cut the oil production. According to experts, this will help stabilize the market and strengthen oil quotes at US$62 to US$68 per barrel. The cartel agreed on a gradual increase in the production by 350,000 barrels per day in May and June, and by another 440,000 in July. Thus, the oil production will amount to two million barrels during this time. In addition, the alliance extended deadline for those who have not yet sufficiently cut the oil production. They were given time to compensate for the overproduction within the agreement until September. The next meeting of the OPEC+ is expected to take place on June 1 to consider the conditions for August.
Translation by Saniya Sakenova
Editing by Galiya Khassenkhanova
Web-editor: Admin
Related Articles
