Crude Oil MCX Tips Today: Crude Oil yesterday settled up by 2.97% at 4514 on supported by news that the Organization of the Petroleum Exporting Countries and their allies, including Russia and Kazakhstan, have agreed to incremental increases in crude production for three months starting in May.
Crude Oil MCX Tips Today
Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said in a press conference that OPEC+ will raise daily oil production by 350,000 barrels in May, 350,000 barrels in June and by 441,000 barrels in July.
Russian oil and gas condensate output rose to 10.25 million barrels per day (bpd) in March from 10.1 million bpd in February, according to Reuters calculations based on an Interfax report citing energy ministry data.
Read More: Crude Oil Price Retreats as OPEC+ Hints at supply Hikes
The recovery of Russian oil output follows a slump in February, when industry sources said challenges in resuming output from mature fields were exacerbated by harsh winter weather.
- Crude Oil rose after the OPEC+, have agreed to incremental increases in crude production for three months starting in May.
- OPEC+ group has decided to ease cuts starting from May.
- Russia’s March oil output rises following February’s slump.
Russian Deputy Prime Minister Alexander Novak has said that Russia will also continue to gradually increase its oil production in May to July by a combined 114,000 bpd.
Output at OPEC has also risen in March as higher supply from Iran countered reductions by other members under a pact with allies, a survey found, a headwind for its supply-limiting efforts if Tehran’s boost is sustained.
