Experts: OPEC Plus could increase oil production by 750,000 barrels per day in April


Experts in the Australian banking group, “Australia and New Zealand Banking Group” said that the oil-exporting “OPEC Plus” countries could increase their production of crude oil during the month of April by 750 thousand barrels, without this step having a negative impact on prices.The banking group said in a report prepared by analysts Daniel Haines and Sony Kumari that the markets will welcome this increase in light of expectations of pumping up to 1.5 million barrels per day additional.

And Bloomberg News Agency indicated that although oil stocks in the OECD countries are not far from the target levels, and prices are close to the target equilibrium point for some producers, the optimism in the market is not matched by price movement.

The two analysts say in their report, that this combination of inventory data and price action puts the OPEC Plus grouping in a difficult position, but the improvement in the pace of recovery represents an ideal opportunity for OPEC Plus countries to increase their production.

The OPEC Plus alliance is scheduled to hold a meeting on Thursday, amid speculation that the production ceiling will be raised.

With oil prices rising to pre-pandemic levels, analysts believe that the global oil supply imbalance may force the coalition to review production levels.

The OPEC Plus alliance includes member states of the Organization of the Petroleum Exporting Countries (OPEC) and producers from outside the organization, led by Russia.


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