OPEC+ allows Russia, Kazakhstan to raise output in Apr

Top Stories

»	Gold prices eye fresh record high, silver skyrockets after softer US inflation data
»	Sensex, Nifty open lower over FII outflows, crude prices rise
»	25 pc US tariffs over trading with Iran: What it means for India
»	World Bank estimates India's growth in FY25-26 at 7.2 per cent
»	Sensex, Nifty open lower over US imposing 25 pc tariffs on nations trading with Iran

IANS | 05 Mar, 2021
The Organization of Petroleum Exporting Countries (OPEC) and non-bloc producers agreed to allow Russia and Kazakhstan to raise oil output in April.

According to a press release following the 14th "OPEC+" ministerial meeting via video link on Thursday, Russia can increase its output by 130,000 barrels per day (bpd) in April from the March level of 9,249,000 bpd, Xinhua news agency reported.

Kazakhstan can boost its production by 20,000 bpd in April from the March level of 1,437,000 bpd.

The two countries are allowed to do so "due to continued seasonal consumption patterns," the OPEC statement said.

All the remaining participants in the OPEC+ mechanism will keep their April output unchanged from March.

The OPEC+ has introduced caps on production to stabilize global oil prices.