The world's biggest oil producers agreed Thursday to adhere to the current plan of increasing output by 432,000 barrels per day (bpd) through June.
At the 28th ministerial meeting via videoconference, the 23-member group of the Organization of Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, said 'continuing oil market fundamentals and the consensus on the outlook pointed to a balanced market.”
It further noted the continuing effects of geopolitical factors and issues related to the ongoing pandemic.
The group reduced its daily crude oil production by approximately 10 million barrels in April 2020 due to the sharp decline in demand following the emergence of the COVID-19 pandemic.
As global economies and oil demand started to recover, the group also began to ease these cuts in April 2021.
Since July last year, major producing countries have been raising output incrementally by 400,000 bpd.
However, the group added 32,000 bpd by raising the production baselines of the United Arab Emirates, Iraq, Kuwait, Saudi Arabia and Russia starting from May 2022, in line with a decision agreed upon at the July meeting.
The next meeting of OPEC and non-OPEC members is scheduled for June 2.
By Ebru Sengul Cevrioglu