About Oil and OPEC via TradeTheNews

08:44 (IR) Oil Senior Journalist Zandi tweets: An informed source in the Iran’s Ministry of Petroleum told me: "The Ministry has prepared the document for the increase of our oil production to the level of 6.5Mbpd.

Iran can easily raise its production to this level. However, there are certain requirements." Recent comments on oil markets: - On May 27th reports circulated that OPEC+ would likely to confirm existing plan to ease oil-output cuts until July at its upcoming meeting (scheduled for Tuesday, Jun 1st).

Expected to reaffirm plans to boost oil production when they meet Recent cooperation - On Jan 5th OPEC+ confirmed has reached deal to broadly hold output levels steady in Feb. However: Russia allowed to boost output by 70K bpd in Feb, Kazakhstan allowed to boost output by 10K bpd in Feb (OPEC+ announced to increase the current level of production by only 75K bpd instead of 500K bpd)

- On Dec 15th OPEC President Attar (Algeria) stated that there was guarantee that production will rise by 2M bpd by April - On Dec 2nd OPEC+ agreed on a gradual tapering of production cuts. Was close in on agreement to allow for small production increase of no more than 500K bpd from Jan 2021 as oil prices recovered in recent weeks.

The agreement would bring total production cuts at the start of 2021 to 7.2 million bpd (**Note: reports had circulated that OPEC+ would to ease existing production cuts by 2M bpd from January).

**Note: OPEC+ technical panel meets on Monday, May 31st - OPEC+ Ministerial meeting is on Tues, Jun 1st Related ( OIH USO RSX GAF BNO ).

- Source TradeTheNews.com


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