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OPEC and allies set to ease oil output cuts, anticipating demand recovery

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An alliance of crude producers led by Saudi Arabia is pushing OPEC and its allies to increase oil production starting in August, officials in the group said, amid signs that demand is returning to normal levels following coronavirus-related lockdowns.

Key members of the Organization of the Petroleum Exporting Countries and its Russia-led allies are set to meet via web conference Wednesday to debate the group’s current and future production.

In April, Saudi Arabia, the world’s largest oil exporter, led a push that saw the 23-producer group cut its collective output by 9.7 million barrels a day, as the pandemic led to a collapse of oil demand.

Now Saudi…



Source marketwatch.com

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