What OPEC’s decision to increase crude production means for India
Mumbai: As the number of covid-19 cases continue to rise and lockdowns prevail in many countries across the world, the OPEC+ group on Monday decided to ease production cuts for May, June and July.
In its previous meeting, the cartel of oil producing nations had decided to continue with March production levels of 7.05 mbpd (million barrels per day) in April as well. Russia and Kazakhstan were allowed to increase production by 130 and 20 thousand barrels per day respectively.
Saudi Arabia was to continue to extend the additional voluntary adjustments of 1 mbpd for April as well. The cartel will be pumping an additional 0.35 mbpd in May (compared with the 6.9 mbpd cuts undertaken in April), an additional 0.35 mbpd in June and increasing it by 0.441 mbpd in July.
