Oil-producing countries are set to increase oil output gradually from May under a fresh OPEC+ deal, which means that the group extends the current terms for oil production.
The decision was made at a ministerial meeting of the OPEC+, a group of the Organisation of the Petroleum Exporting Countries (OPEC) and allied producers, including Azerbaijan and Kazakhstan.
“The execution of the OPEC+ deal in March was 113 percent – this is the highest figure ever,” Alexander Novak, Russia’s deputy prime minister, said after the meeting in an interview with Russia 24 TV channel.
OPEC+ had been cutting output by a little more than 7 million barrels per day (bpd) to support prices and reduce oversupply, but members of the group agreed to ease cuts gradually by 350,000 bpd in May, another 350,000 bpd in June and 400,000-450,000 bpd in July.
Azerbaijan is set to produce 603,000 bpd in May, 610,000 bpd in June and 620,000 bpd in July. The country’s output in April is seen at 595,000 bpd in April, the same as in March.
Kazakhstan is expected to produce 1.463 million bpd in May, 1.469 million bpd in June and 1.475 million bpd in July.