The Energy Policy and Planning Office (Eppo) expects global oil prices to decrease after Opec and its allies agreed to increase petroleum production in a cautious move in line with global economic recovery.
Opec said on April 1 it would gradually increase production from May to July and monitor how the world is recovering from the pandemic.
Opec and its allies last year sharply reduced petroleum production to shore up prices, following a demand collapse during the pandemic caused in part because of travel restrictions in many countries.
The oil cartel plans to add 350,000 barrels per day (BPD) in May, 350,000 BPD in June and 400,000 BPD in July, said Eppo director-general Wattanapong Kurovat, citing its latest agreement.
Saudi Arabia plans to add another 1 million BPD during the same period.
Opec and its allies increased their forecast of world economic growth…
