Members of the Organization of Petroleum Exporting Countries (OPEC) and their partners agreed on Tuesday on a very slight increase in their black gold production in February and March, which was only achieved by Russia and Kazakhstan.
Call for caution
The volume voluntarily withdrawn from the market by Opep + Allianz will rise from 7.2 million barrels per day (mbd) in January to 7.125 mbd in February and 7.05 mbd in March, the cartel informed Ministerial von at the end of the first summit 2021, which calls for 'caution' in view of the health crisis.
However, in order not to cause an overflow of supply, while the recovery in demand is fragile and uncertain, Riyadh decided to open its own quota of one million barrels per day during the reporting period. Saudi Energy Minister Abdelaziz bin Salman at a press conference.
The twenty-three members of OPEC + therefore finally managed to find a compromise at the end of a cycle of two-day meetings, which, as the pandemic requires, were held by video conference.