Africa Business News of Saturday, 3 April 2021
Source: africanews.com
The OPEC oil cartel and allied countries said Thursday that they have decided to add gradually add back some 2 million barrels per barrel per day of oil production from May to July, moving cautiously in pace with the recovery of the global economy from the COVID-19 pandemic.
The group is restoring production that was slashed last year to support prices as demand sagged during the worst of the pandemic recession, which sapped demand for fuel. The group will add back 350,000 barrels per day in May, 350,000 in June, and 400,000 in July.
#OPEC_Plus meeting today agreed on gradual increase in oil output as follows: pic.twitter.com/1L2XkZ9Ewp
— فاطمة العريمي Fatma Al Arimi (@FatmaArimi) April 1, 2021
India has been appealing to OPEC & OPEC+ to ease crude oil production cuts that were announced last year. We believe crude supply should be market determined rather than artificially managed. OPEC & OPEC+ have announced slight easing off last week but we expect more: MEA Spox pic.twitter.com/0HIuJNUvQn
— ANI (@ANI) April 2, 2021
The inevitable return of OPEC+ barrels onto the market is a positive for the oil market...the oil rip show begins with the exhaustion of OPEC spare capacity in 2022. Lessons have been learned and OPEC is unified with one singular desire: still HIGHER oil prices. pic.twitter.com/xENLmkQ9gg
— Eric Nuttall (@ericnuttall) April 1, 2021