OPCPlus supply plan is implemented without delay

report Mehr News Agency Reuters quoted Alexander Novak on Monday (February 7th) said the coalition of the Oil Exporting Countries (OPEC) and its allies (OPCPs) intends to delay the gradual adjustment plan of the voluntary supply daily Million and 6,000 barrels (stage increase) have eight members to begin in April.

Bloomberg News Agency reported yesterday that US President Donald Trump’s requests to reduce oil prices by the coalition are being investigated as a postponed increase in the release of eight OPCPS members.

Three OPCPs representatives told Reuters: “There has been no discussion about the postponement so far.

One of the delegates said the oil market could attract additional supply since April due to tougher sanctions against Russia and rising Chinese demand, though it was too early to make a request.

Some analysts, such as Morgan Stanley’s Bank analysts, have predicted that OPEC Plasses increase its current production level.

Members of the OPCPlus coalition, which produces half of the world’s oil, have been in support of the price and global crude markets since year 5, taking into account the reduction in group supply along with the voluntary supply reduction in a total of 1.5 million daily. Barrels have diminished their production, equivalent to 4.9 percent of global demand.

Implementation of the gradual adjustment program of the voluntary supply of eight OPCPs coalition members has been delayed several times due to weak demand in world markets.

According to Reuters calculations, the gradual adjustment program of the voluntary supply of 5 million barrels daily from April and the UAE production increase plan begins with a daily increase of 6,000 barrels on a monthly basis, and this increase will continue until September 5. Had.

Based on OPEC Plus’s previous procedure, the final decision to continue the increase in April in early March is expected to hold a ministry meeting.