OPEC+ to Ease Output Cuts from May

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    Greensea Systems
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    OPEC+ agreed on Thursday to gradually ease its oil output cuts from May, after the new U.S. administration called on Saudi Arabia to keep energy affordable for consumers.

    The group, which has implemented deep cuts since a pandemic-induced oil price collapse in 2020, agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July.

    Iran’s oil minister, Bijan Zanganeh, confirmed the group would boost output by a total of 1.1 million bpd by July.

    In addition, Saudi Arabia said it was phasing out its extra voluntary cuts by July, a move that will add 1 million bpd.

    Read more by visiting MarineLink.com

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