SINGAPORE: Oil prices rose on Wednesday after OPEC and its allies stuck to their plan to cautiously bring back oil supply to the markets in June and July while expecting a robust recovery in demand in the United States and China, the world’s two biggest oil consumers. US West Texas Intermediate (WTI) crude futures rose 7 cents, or 0.10 percent, to $67.79 as of 0500 GMT,
OPEC+ to ease oil curbs starting next month
Cornelia Meyer
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The ministers of OPEC+, an alliance of the OPEC countries, and 10 friendly nations under the leadership of Russia met virtually on Thursday. The ministers decided to release an incremental supply of around 2 million barrels per day (bpd) on the market between May and July.
The alliance intends to taper OPEC+ production cuts by 350,000 bpd in May and June and by 441,000 in July. Saudi Arabia intends to unwind its voluntary cuts through the summer with 250,000 bpd in May, 350,000 bpd in June and 400,000 bpd in July. These volumes do not include any potential incremental supply from Libya or Iran, which are exempt from the OPEC+ production regime.
After the bust comes the boom. Ten months ago, oil saw its worst decline in demand in the commodity’s history. Put that against January and February of this year, when it saw the steepest-ever rally for the first two months of any calendar year. The oil price rally over the last few months has been nothing short of stunning. West Texas Intermediate rallied from $45.28 per
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