OPEC+ Committee Recommended To Maintain Oil Output Cuts Unchanged For May-July

The OPEC + Ministerial Monitoring Committee recommended that the alliance maintain the current terms of the deal on limiting production for May-July, a source in one of the alliance's delegations told Sputnik

MOSCOW (UrduPoint News / Sputnik - 27th April, 2021) The OPEC + Ministerial Monitoring Committee recommended that the alliance maintain the current terms of the deal on limiting production for May-July, a source in one of the alliance's delegations told Sputnik.

"The recommendation is to adhere to the current terms of the deal," the source said about the results of the meeting.

OPEC+ has cut its production by 9.7 million barrels per day from May 2020 due to the drop in oil demand caused by the coronavirus pandemic. As the situation recovered, the restrictions were adjusted, and for this April they amount to 6.9 million barrels per day.

The baseline ouput for all is October 2018 level, and for Russia and Saudi Arabia it is 11 million barrels per day.

Since May, OPEC+ has agreed on a further reduction in the volume of production cuts to 6.55 million barrels per day, from June to 6.2 million barrels per day, from July to 5.76 million barrels per day. And taking into account the voluntary contribution of Saudi Arabia and the gradual withdrawal from it, the restrictions of the alliance in April are 7.9 million barrels per day, 7.3 million barrels per day in May, 6.6 million barrels per day in June and 5.76 million barrels per day in July.