The Organization of Petroleum Exporting Countries (OPEC) and non-bloc producers agreed to allow Russia and Kazakhstan to raise oil output in April.
According to a press release following the 14th "OPEC+" ministerial meeting via video link on Thursday, Russia can increase its output by 130,000 barrels per day (bpd) in April from the March level of 9,249,000 bpd, Xinhua news agency reported.
Kazakhstan can boost its production by 20,000 bpd in April from the March level of 1,437,000 bpd.
The two countries are allowed to do so "due to continued seasonal consumption patterns," the OPEC statement said.
All the remaining participants in the OPEC+ mechanism will keep their April output unchanged from March.
The OPEC+ has introduced caps on production to stabilize global oil prices.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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