OPEC+ Final Decision Ideal for April: Iran's Governor

The final decision made for April was ideal, Iran’s OPEC Governor, Amir-Hossein Zamaninia, said after the 14th OPEC and non-OPEC Ministerial Meeting held on Thursday via a video conference.

"Instead of a 500,000 crude oil output rise in April, we agreed an additional oil production of 130,000 bpd for Russia and 20,000 bpd for Kazakhstan and therefore we got 350,000 bpd frozen," he said.

Moreover, Saudi Arabia will continue its 1 million bpd voluntary output cut, agreed for February and March, in April, he added.

Saudi Arabia said it will supply the 1 million bpd to the market gradually after April to support market balance provided that other members compensate for their extra production until the end of July, Zamaninia stated.

A meeting will be held on early April to decide the output level for May. - Shana