OPEC+ Committee supports plan to restore oil production by 400,000 bpd

The OPEC+ Monitoring Committee has supported the plan to restore oil production in April by 400,000 barrels per day, Report informs referring to TASS.

Since August, the participants in the OPEC+ agreement have been increasing oil production by 400,000 barrels per day every month.

The OPEC+ monitoring committee includes eight countries out of 23 participating in the OPEC+ agreement. These are Russia, Saudi Arabia, UAE, Iraq, Kuwait, Algeria, Venezuela and Kazakhstan. Ministers will consider a report on the oil market prepared by the OPEC + technical committee, which met the day before.

According to the schedule, the ministerial monitoring committee is scheduled for 3 p.m. (GMT+4) on March 2, the meeting of the OPEC+ ministerial conference should begin, at which the decision on oil production levels for April will be agreed upon. If the OPEC+ monitoring committee comes to a consensus and makes a recommendation on production levels for March, it will only be fixed at the OPEC+ ministerial meeting.

A source in one of the delegations told TASS that the most likely outcome of the meeting would be a decision to continue increasing oil production by 400,000 barrels per day in April as well.