The oil and energy ministers of OPEC member states agreed to gradually increase oil production for May, June and July 2021.

Iran Press/Europe: The OPEC+ alliance of crude producers has been holding back roughly 8 million barrels per day from global markets. That includes an extra production cut of 1 million barrels per day from Saudi Arabia that comes on top of its commitment to other producers.

The group will increase its output by 350,000 barrels per day next month, another 350,000 barrels per day in June and roughly 440,000 barrels per day in July, according to an OPEC source. Saudi Arabia will gradually ease its additional voluntary cuts and eliminate them altogether by the end of July.

OPEC Plus members also decided to hold a meeting on April 29 and a committee meeting to monitor the agreement between OPEC members and non-members of OPEC plus (JMMC) on April 27 to review the latest developments.