Logo of OPEC

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) maintained strong compliance with agreed oil output targets in May, when the first part of a gradual production increase took effect, Reuters reported, citing official data. 

 

OPEC+ complied with 115% of the agreed output curbs in May. It announced this week the April figure was 114%.   

 

The organization is returning 2.1 million barrels per day (bpd) to the market from May through July as part of a plan to gradually reduce last year's record oil output curbs. 

 

The oil market is witnessing a state of optimism, driven by recovery of demand for crude oil, amid the continued COVID-19 vaccination. Thus, the brent crude exceeded $72 for the first time since 2018. 

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request