Oil prices slip after OPEC+ agree to ease output cuts

FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/IllustrationSINGAPORE: Oil prices edged down in early Asian trade on Monday after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.

The Organization of the Petroleum Exporting Countries, Russia and their allies, a group known as OPEC+, agreed to ease production curbs by 350,000 barrels per day in May, another 350,000 bpd in June and further 400,000 bpd or so in July. Under Thursday's agreement, OPEC+ cuts would be just above 6.5 million bpd from May, compared with slightly below 7 million bpd in April.Most of the increase in supplies will come from the world's top exporter, Saudi Arabia, which said it was phasing out its extra voluntary cuts by July, a move that will add 1 million bpd.

Ahead of the talks, Iran's foreign ministry said it wanted the United States to lift all sanctions and rejected any"step-by-step" easing of restrictions.

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