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OPEC+ discusses gradual increase of oil outputs from August

22 Jun 2021 12:01 PM
Two sources from OPEC+ said on Tuesday that The Organization of the Petroleum Exporting Countries and allies is discussing another gradual increase in oil production from August as oil prices rise on demand recovery, but no decision has been made on the exact volume yet.

OPEC+ is returning 2.1 million barrels per day to the market from May through July as part of a plan to gradually ease record oil production curbs last year. OPEC+ is set to meet on the first of next July.

“It is highly possible to increase gradually from August,” one of the sources said, adding that no final decision had been made and exact quantities had yet to be agreed.

Crude oil prices rose on Tuesday, with Brent crude contracts reaching $75 a barrel for the first time since April 2019, as investors remained optimistic about a recovery in oil demand and concerns eased about a quick return of Iranian crude to the market.

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