Opec+ expected to ease historic production cuts next month – The National

Opec+ expected to ease historic production cuts next month – The National

The alliance is set to meet for its monthly monitoring committee meeting on Wednesday

















Saudi Arabia's energy minister Prince Abdulaziz bin Salman at the Opec+ emergency meeting in April. Saudi Press Agency

















July 13, 2020



July 13, 2020













The Opec+ producer alliance, led by its biggest producers Saudi Arabia and Russia, is likely to consider increasing output at the group's ministerial monitoring committee meeting this week.



The 23-member group is cutting back an historic 9.7 million barrels per day to reduce oil inventories and support the energy industry battered by a record plunge in demand and prices following the coronavirus pandemic. The alliance is set to ease the curbs by the end of the month.





Last month the group extended their earlier two-month agreement to cut 9.7m bpd until the end of July. Opec+ is set to maintain the cuts until April 2022, with the tapering of the restrictions expected to begin from August 1 onwards.



Opec+ could bring on stream more than 2m bpd of supply to the market in August, said Edward Bell, senior director, market economics at Emirates