The OPEC+ has decided on the continued implementation of the production adjustment decision of early April 2021, when the cartel agreed to gradually increase oil production in May 2021 by 350 kb/d, in June 2021 by 350 kb/d and in July 2021 by 441 kb/d. Saudi Arabia had committed to voluntary outputs cuts of 1 mb/d as of February 2021; these volumes will gradually return on the market over the May-July 2021 period. The OPEC+ is seeking to adjust overall crude production to the pace of the oil demand recovery.
In March 2021, the OPEC+ had 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 were allowed to increase their crude oil production by 130 kb/d and 20 kb/d, respectively. The two countries had been already authorised to raise their output by a combined 75 kb/d in February 2021 and a further 75 kb/d in March 2021.
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