The Opec+ oil alliance decided on Thursday to increase output gradually from May as pressure mounts from inside and outside the producers group to release more barrels on to the market and keep crude prices in check.
The decision by the body comes despite Abdulaziz bin Salman, Saudi Arabia’s energy minister, warning Opec and allies including Russia earlier in the day that crude’s recovery was “far from complete” with the pandemic still wreaking havoc globally.
“Until the evidence of the recovery is undeniable, we should maintain this cautious stance,” Prince Abdulaziz, son of the Saudi king, told reporters and ministers ahead of the formal virtual gathering of oil officials.
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