Abu Dhabi, United Arab Emirates (CNN) – The OPEC + group of oil-exporting countries said, in a press release, that its members agreed to allow Russia and Kazakhstan to increase oil production by 130 thousand and 20 thousand barrels of oil per day, while all countries will extend current production levels for a month. Next April.
The news sent oil prices up by more than 5%. The decision came as a surprise, as there were expectations that the group of 23 products would add 500,000 barrels per day.
Saudi Arabia will also extend its voluntary reduction of 1 million barrels per day of production until April.
In a press conference, Saudi Energy Minister Prince Abdulaziz bin Salman said that the group’s consultations are still ongoing regarding the future of the oil market.
The Saudi Energy Minister added, “When you have unpredictability and uncertainty, I think there are options you can make. I belong to the school of conservatism and I take things in a more precautionary way. I will believe in (market recovery) when I see it.”
Last May, the OPEC Plus group decided to reduce oil production by 9.7 million barrels per day, or about 10% of global supplies, due to the decline in demand for it due to the repercussions of the Corona virus.
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