OPEC+ allows Russia, Kazakhstan to raise output in Apr

Top Stories

»	Sensex, Nifty surge 1 pc in early trade over de-escalation hopes, assembly poll result trends
»	Nifty, Sensex dip nearly 0.75 pc this week amid geopolitical tensions
»	Rupee slips past 95 against US dollar amid crude spike
»	NITI Aayog launches roadmap for next phase of India’s Digital Public Infrastructure journey
»	Indian stock markets trade lower amid US-Iran tensions, surging crude

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.