The OPEC+ has agreed to a continuation of the production levels of March 2021 - when the production cut reached 8.05 mb/d - in April 2021 for most member countries. However, Russia and Kazakhstan will be allowed to increase their crude oil production by 130 kb/d and 20 kb/d, respectively. The two countries were already authorised to raise their output by a combined 75 kb/d in February 2021 and a further 75 kb/d in March 2021. On the contrary, Saudi Arabia pledged to extend in April 2021 the voluntary oil output cuts of 1 mb/d that started in February 2021.
In January 2021, the OPEC+ agreed to gradually return 2 mb/d to the market and to adjust the production reduction from 7.7 mb/d to 7.2 mb/d. Under the agreement, most of OPEC+ oil producers maintained their production level, while Russia and Kazakhstan raised their crude oil production by a combined 75,000 bbl/d in February 2021 and a further 75,000 bbl/d in March 2021. On the contrary, Saudi Arabia had pledged extra, voluntary oil output cuts of 1 mb/d in February and March 2021. Consequently, the OPEC+ production cut (including Saudi Arabia's additional commitment) increased from 7.2 mb/d in January 2021 to 8.125 mb/d in February 2021 and declined to 8.05 mb/d in March 2021.
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