Expectations of an increase in OPEC + oil production starting in August
Economy
- 30-06-2020, 19:31
Baghdad - INA
Oil sources expected OPEC + oil production to increase from August, as global demand for crude recovers.
Reuters quoted oil sources as forecasting that the Organization of Petroleum Exporting Countries (OPEC) and Russia will reduce record cuts in oil production from August, with global demand for crude recovering and prices rising from their low levels.
They also added, "OPEC and its Russian-led allies, who constitute what is known as the OPEC + group, agreed to a record production cut of 9.7 million barrels per day, or 10% of global demand, from May to two months, and then extended the reduction period to July.”
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