The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to increase oil production quotas by 432,000 barrels per day (bpd) starting in May, as was widely expected by analysts, and as recommended by the group’s Joint Ministerial Monitoring Committee, whose meeting concluded a few minutes ago, Bloomberg reported Thursday. The next OPEC+ meeting will be held on May 5.
The meeting of the OPEC+ Thursday occurred in the context of a large drop in oil prices in anticipation of the White House announcing the record release of oil reserves of up to 180 million barrels in the coming months (supposedly one million barrels per day ). Until now, OPEC+ nations have ignored calls from the United States and other major oil-consuming nations (such as India) to increase production at a faster rate.
Source: Fx Street
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