Opec+ Allows Russia, Kazakhstan To Raise Output In April

OPEC+ allows Russia, Kazakhstan to raise output in April

Moscow, March 5 : The Organization of Petroleum Exporting Countries (OPEC) and non-bloc producers agreed to allow Russia and Kazakhstan to raise oil output in April.

 Opec+ Allows Russia, Kazakhstan To Raise Output In April-TeluguStop.com

According to a press release following the 14th “OPEC+” ministerial meeting via video link on Thursday, Russia can increase its output by 130,000 barrels per day (bpd) in April from the March level of 9,249,000 bpd, Xinhua news agency reported.

Kazakhstan can boost its production by 20,000 bpd in April from the March level of 1,437,000 bpd.

The two countries are allowed to do so “due to continued seasonal consumption patterns,” the OPEC statement said.

All the remaining participants in the OPEC+ mechanism will keep their April output unchanged from March.

The OPEC+ has introduced caps on production to stabilize global oil prices

Disclaimer : TeluguStop.com Editorial Team not involved in creation of this article & holds no responsibility for its content..This Article is Provided by IANS, Please contact IANS if any issues in Article .


Follow Us on FacebookFollow Us on WhatsAppFollow Us on Twitter