OPEC+ allows Russia, Kazakhstan to raise output in Apr

Top Stories

»	Mobile phones become tool for good governance, India's telecom industry goes beyond networks: PM Modi
»	RBI raises repo rate by 25 bps to 5.50 amid challenging global environment
»	Cabinet okays Rs 10,000 crore Growth Fund for big push to SMEs
»	India, Switzerland deepen economic ties, focus on trade and investment: Commerce Secretary
»	Indian markets open higher amid positive global cues; PSU bank stocks lead

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.