The Organization of Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, convened for talks chaired by Saudi Energy Minister Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak via videoconference on April 1, approving the adjustment of the production levels for May, June and July, while agreeing

to continue to hold monthly meetings to assess market conditions and decide on production level adjustments for the following month, with every adjustment being no more than 0.5 million barrels per day, OPEC said in a statement.

Saudi Arabia will maintain its additional voluntary adjustments of 1 million barrels per day in April for the third month in a row. They recognized the improvements in the market supported by global vaccination programmes and stimulus packages in key economies but noted that the volatility observed in recent weeks warrants a continued cautious and vigilant approach in monitoring market developments, OPEC said. The Ministers noted that since the April 2020 meeting, OPEC and non-OPEC Participating Countries had contributed to adjusting downward global oil supply by 2.6 billion barrels of oil by the end of February, which has accelerated the rebalancing of the oil market.

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