OPEC to raise oil production as economies recover, prices rise

OPEC to raise oil production as economies recover, prices rise

FRANKFURT, Germany – The OPEC oil cartel and allied producing countries plan to restore 2.1 million barrels per day of crude production, balancing fears that COVID-19 outbreaks in some countries will sap demand against surging energy needs in recovering economies.

Energy ministers made the decision during an online meeting Tuesday.

Saudi Energy Minister Prince Abdulaziz bin Salman said recent market developments proved the agreement to gradually increase production, made in April and reconfirmed Tuesday, was “the right decision.”