Azerbaijan and Kazakhstan are set to increase oil output gradually from May under a fresh OPEC+ deal, energy ministries of both oil-producing countries said.
The decision was made at a ministerial meeting of the OPEC+, a group of the Organisation of the Petroleum Exporting Countries (OPEC) and allied producers, including Azerbaijan and Kazakhstan.
OPEC+ had been cutting output by a little more than 7 million barrels per day (bpd) to support prices and reduce oversupply, but members of the group agreed to ease cuts gradually by 350,000 bpd in May, another 350,000 bpd in June and around 450,000 bpd in July.
Azerbaijan is set to produce 603,000 bpd in May, 610,000 bpd in June and 620,000 bpd in July. The country’s output in April is seen at 595,000 bpd in April, the same as in March.
Kazakhstan is expected to produce 1.463 million bpd in May, 1.469 million bpd in June and 1.475 million bpd in July.
Brent crude was trading above $63 a barrel on Thursday, more than 20 percent up from the start of the year.