OPEC and its allies, including Russia, announced on Thursday they would gradually increase oil production over the next three months. In agreeing to modest output increases, Saudi Arabia appears to have yielded to pressure from Russia and other producers who are eager to raise output. They want to take advantage of what they see as a likely growing global thirst for oil as economies slowly expand after pandemic lockdowns. The group, known as OPEC Plus, has been withholding eight million barrels a day from the market. A call on Wednesday from the new U.S. secretary of energy, Jennifer Granholm, to Prince Abdulaziz bin Salman, the Saudi oil minister, may also have had some impact, although the Saudi official denied that the oil markets had been discussed.

Source: International New York Times April 01, 2021 17:37 UTC