OPEC and its allies will proceed with plans to gently revive oil production as global demand recovers from the pandemic, despite surging infections in India.
A committee led by Saudi Arabia and Russia agreed the coalition should press on with its roadmap for increasing supply by 2 million barrels a day over the next three months, a decision that was later rubber-stamped in a statement from the whole group.
World oil consumption will rebound by a vigorous 6 million barrels a day this year, according to OPEC+ estimates, though the recovery remains at risk from virus outbreaks in India and Brazil. As a result, the glut of oil inventories that amassed when demand collapsed last year will be almost gone by the end of this quarter.
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OPEC+ confirms plan to gently hike supply as demand recovers
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OPEC+ confirms plan to gently hike supply as demand recovers
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