OPEC will incrementally add 1.1 mb/d of production up to July

OPEC members in their latest meeting decided to ramp up progressively output up to July, where they expect output to rise by at least 1.1 mb/d. Some concerns remained over the normalization pace of stocks, the strength of the physical crude market and refining margins. The impact on prices was muted, with ICE Brent prices rising by close to 3% on early Friday, at 64.6 $/b. Russian production recovered in March, as adverse weather eased in oil-producing regions. US producers added 13 rigs last week, one of the best performance since the pandemic.