OPEC + could add 2 million bpd oil to market by December: Report | Business and Financial Issues

The monthly increase reduces the barrel to less than 0.5 million barrels per day, a source told Reuters.

OPEC + is slowly going to add about 2 million barrels a day (bpd) to the oil market from August to December, an OPEC + source told Reuters news agency as the group slows down its global economic recovery and oil price conference.

A source told Reuters that monthly growth would be less than 0.5 billion bpd. An OPEC + source told Reuters that OPEC Saudi Arabia’s largest producer and non-OPEC’s major producer Russia had a first-aid agreement to reduce donations since August.

In response to the oil spill triggered by the COVID-19 crisis, OPEC + last year agreed to cut a cost of about 10 million bpd from May 2020, with plans to limit the end of April 2022. Wounds are now about 5.8 million bpd.

Oil prices increased profits on hearing of a new rise as some traders expect a significant increase in August. Brent’s stock was trading at $ 76.40 a barrel at 13:15 GMT, up more than 2 percent and about two and a half years old.

The increase “could make the market stronger this summer, and more in the coming weeks,” UBS researcher Giovanni Staunovo said, adding that the deal had increased bpd by 0.5 million a month or less.

Providing food

Officials from the Organization of the Petroleum Exporting Countries, Russia and their allies, a group called OPEC +, began online meetings on Thursday. Source told Reuters that they have made a decision since August and may consider extending their contract on the ban beyond April 2022.

Another source also told Reuters that active food security could be extended until the end of 2022. OPEC concluded its meeting before 13:00 GMT and OPEC + general meeting from 16:30 GMT.

The OPEC + team on Tuesday said it expected oil bills to increase by 6 bpd by 2021 but highlighted the dangers of glut in 2022, saying there were “uncertainties” including a global unrest and growing Delta cases of coronavirus.

Saudi Arabia, Russia and other OPEC + members have been working together since the onset of the March 2020 epidemic before sending oil prices. Deforestation brought them back together to fulfill their agreement.

However, the group is still struggling to cope with the delay.

Riyadh often takes a cunning approach by adding new items, showing uncertainty about what the plague has taken. Russia, which has a diversified economy that does not rely heavily on oil, has expressed concern that higher prices could encourage opposition to the United States, which requires higher prices to be more economical.