MOSCOW (Pakistan Point News / Sputnik - 05th May, 2022) The OPEC+ alliance has decided to stick to the oil output cut deal and increase production by the planned 432,000 barrels per day in June, according to the communique published following the Thursday meeting.
Earlier in the day, the OPEC+ Ministerial Monitoring Committee recommended increasing the production as planned. Sources in the alliance told Sputnik that it agreed with the recommendation.
"Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.432 mb/d for the month of June 2022, as per the attached schedule," the communique read.
The OPEC+ also said that the oil market is balanced but noted "the continuing effects of geopolitical factors and issues related to the ongoing pandemic."
The alliance decided to hold the 29th ministerial meeting on June 2.
