OPEC+ has kept a deal to cut oil production by 114% in April. OPEC countries have fulfilled the deal by 126%, non-OPEC countries – by 90%, Angi reports.
In April, the daily oil production by the parties to the transaction increased by 100 thousand barrels to 40 million barrels per day. The increase occurred for the account of Russia and Kazakhstan.
The updated OPEC+ agreements started in May 2020 with a reduction in oil production by 9.7 million barrels per day. Later, the conditions were adjusted, and as of April 2021, the restrictions were 6.9 million barrels. Only 10 out of 13 countries participate in the deal from OPEC – Iran, Venezuela and Libya are excluded from it. The baseline for all is October 2018, but for Saudi Arabia, it is 11 million barrels.
As reported, OPEC would not increase oil production in April.