{"id":5552,"date":"2021-04-29T15:55:08","date_gmt":"2021-04-29T15:55:08","guid":{"rendered":"https:\/\/euromenaenergy.com\/?p=5552"},"modified":"2021-04-29T15:55:08","modified_gmt":"2021-04-29T15:55:08","slug":"opec-sticks-to-plan-to-ease-oil-output-cuts-from-may-1","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=5552","title":{"rendered":"Opec+ sticks to plan to ease oil output cuts from May 1"},"content":{"rendered":"<div id=\"txtwrapper\" class=\"txtwrapper\">\n<div class=\"subtitel col-lg-12\">\n<p>Reuters\/Dubai\/Moscow\/London<\/p>\n<\/div>\n<div id=\"vid-player-container-384\"><\/div>\n<p>Opec, Russia and their allies will stick to plans for a phased easing of oil production restrictions from May to July amid upbeat forecasts for a recovery in global demand and despite surging coronavirus cases in India, Brazil and Japan.<br \/>\nThe group known as Opec+ ditched plans to hold a ministerial meeting on Wednesday, four Opec+ sources said, following Tuesday\u2019s meeting of ministers who are members of a market monitoring panel.<br \/>\nThe panel decided to stick to policies broadly agreed at a previous April 1 meeting of Opec+, Russian Deputy Prime Minister Alexander Novak said after the talks.<br \/>\nHe said the next Opec+ ministerial meeting was scheduled for June 1 to review output levels for July and August.<br \/>\nAn Opec+ statement also confirmed the June 1 date for the next meeting.<br \/>\nOpec+, which is responsible for more than a third of global production, has cut output by around 8mn barrels per day (bpd), equivalent to over 8% of global demand.<br \/>\nThe reduction includes a 1mn bpd voluntary cut by Saudi Arabia. At the April 1 meeting, the group agreed to bring 2.1mn bpd back to the market from May to July, easing cuts to 5.8mn bpd.<br \/>\nIn a report by Opec+ experts, the group forecast global oil demand in 2021 would grow by 6mn bpd, after falling 9.5mn bpd last year.<br \/>\nBut the group said that, even though more than 1bn Covid-19 vaccine doses had been administered globally, it was concerned that surges in new virus cases in India, Brazil and Japan might derail recovering demand for crude.<br \/>\nOil prices rebounded on Tuesday after falling the previous session, with gains capped by growing concern about fuel demand in India, the world\u2019s third-biggest crude importer.<br \/>\nThe Opec+ report said it expected commercial oil stocks to reach 2.95bn barrels in July, taking them below the 2015-2019 average, and expected them to remain below that average for the rest of the year.<br \/>\nIt said it saw stocks at about 70mn barrels below the average for the whole of 2021, a more optimistic outlook than its previous forecast of 20mn barrels below the average.<\/p>\n<\/div>\n<div id=\" C8\">\n<div id=\"POSTQUARE_WIDGET_153115\">\n<div id=\"eng_recs_holder_75523783468610720\" class=\"eng_recs_holder\">\n<div id=\"eng_top_ww_widget_75523783468610720\" class=\"eng_top_ww_widget\">\n<div id=\"eng_ww_widget_153115\" class=\"eng_ww_widget\">\n<div id=\"eng_ww_title_75523783468610720\" class=\"eng_ww_title\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Reuters\/Dubai\/Moscow\/London Opec, Russia and their allies will stick to plans for a phased easing of oil production restrictions from May to July amid upbeat forecasts for a recovery in global demand and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[46,48,57,68,76,77,82,86,87,90,96,99,103,107,109,111,113,137,139,146,148,160,174,183,184,201,202,209,222,230,232,233,244,246,249,256,262,263,267,277,279,280,285,288],"class_list":["post-5552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-gas","tag-aramco","tag-athens","tag-baroudi","tag-carbon","tag-climate","tag-climate-change","tag-co2","tag-cyprus","tag-decarbonising","tag-democracy","tag-doha","tag-eastmed","tag-egypt","tag-embargo","tag-emissions","tag-energy","tag-energy-peace","tag-gas","tag-gazprom","tag-greece","tag-greenenergy","tag-international-maritime-disputes","tag-lebanon","tag-maritime-boundaries-east-mediterranean","tag-maritime-disputes","tag-offshore","tag-oil","tag-opec","tag-pollution","tag-poverty-alleviation","tag-putin","tag-qatar","tag-rosneft","tag-roudi","tag-russia","tag-saudi","tag-solar","tag-solar-power","tag-straddling-hydrocarbons-reserves","tag-total","tag-trump","tag-turkey","tag-unclos","tag-usa"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/5552","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5552"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/5552\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/5565"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}