OPEC+ Keeps Parameters of Oil Output Cut Deal Unchanged, Will Boost Production in July

Photo taken on April 9, 2020 shows pump nozzles at a gas station in Brussels, Belgium. The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, known as OPEC+, reached on Thursday a tentative agreement to cut production to stop a market free-fall amid the coronavirus pandemic, pending the consent of Mexico. (Xinhua/Zhang Cheng)
(Xinhua/Zhang Cheng)

OPEC+ decided to maintain the previous parameters of the deal and will continue to increase production in July, OPEC said in a statement.

“In view of current oil market fundamentals and the consensus on its outlook, the Meeting: … reconfirmed the decision made at the 15th OPEC and non-OPEC Ministerial Meeting with regards to production adjustments for the month of July 2021, given the observed market fundamentals”, the statement says.

The parties also confirmed the decision of the alliance, made in 2020, and, taking into account the amendments made in June, September and December 2020, as well as in January and April 2021, to gradually return 2 million barrels of daily output to the market.

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