SULAIMANI (ESTA) — OPEC+ has reached a preliminary deal to gradually ease production cuts from May, two OPEC+ sources told Reuters on Thursday.
OPEC+, which comprises the Organization of the Petroleum Exporting Countries, Russia and other allied producers, agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July, according to Reuters.
Under Thursday’s deal, cuts implemented by OPEC+ would be just above 6.5 million bpd from May, compared with slightly below 7 million bpd in April.
Russian Deputy Prime Minister Alexander Novak said on Thursday he hoped global oil inventories, a key parameter for the oil industry, would return to their normal level in 2-3 months.
Two sources had said earlier that OPEC+ was considering increasing output by 350,000 barrels per day in May, 350,000 bpd in June and 400,000 bpd in July.
Oil prices surged up 3% after news that OPEC+ reached the deal. Brent crude rose $1.86 to $64.60 a barrel 0746 GMT. U.S. oil was up $2.06 at $61.22 a barrel.
