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Grant SmithNY Daily News |
Morgan Stanley estimates global oil stockpiles dropped by about 4.8 million barrels a day between March 1 and April 25.
The hike is just 1.5 times bigger than the 137,000-barrel increments made by the group in December.
Key members led by Saudi Arabia and Russia agreed on Sunday to keep production levels steady through the end of March.
Saudi Arabia and its partners plan to ratify the addition of 548,000 barrels a day for next month when they hold a video conference on Sunday.
Key nations led by Saudi Arabia and Russia agreed to add 411,000 barrels a day next month, OPEC said after a video conference on Saturday.
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