Opec will gradually ease output restrictions over the next three months
Opec+ confounds market with three-month cuts easing
The group had been widely anticipated to keep the prior agreement in place, but a rapidly agreed deal will see cuts relaxed through the summer
The Opec+ group has yet again caught markets off-guard, agreeing on 1 April to a gradual easing of output restrictions over the next three months. This means the 7mn bl/d of collective production withheld through to the end of April will be reduced by 350,000bl/d in May, by the same amount in June and by another 450,000bl/d in July. Meanwhile, Saudi Arabia will also ease its additional voluntary 1mn bl/d cut by 250,000bl/d in May, 350,000bl/d in June and 400,000bl/d in July, bringing 2.15mn bl/d of oil production back online by mid-summer. “Our return of this voluntary cut, we will do it also gradually, mindful of how the market may react” – Abdulaziz, Saudi energy minister With memb
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
