Opec+ shocked oil markets in April by agreeing to an output hike for May despite weak prices and slowing demand
Opec+ group of leading global oil producers could bring forward its output hikes by around a year from the initial plan, Igor Sechin, head of Russia’s largest oil producer Rosneft, said on Saturday.
He also said that the decision by the Opec+ to speed up the output increase now looked farsighted and justified in light of the confrontation between Israel and Iran.
The Organization of the Petroleum Exporting Countries and its allies, led by Russia, shocked oil markets in April by agreeing to a bigger-than-expected output hike for May despite weak prices and slowing demand.
Opec+ has since decided to continue with more than planned hikes.
