Opec+ to ease historic output curbs from August – The National
- Date: 15-Jul-2020
- Source: The National
- Sector:Oil & Gas
- Country:Saudi Arabia
Opec+ to ease historic output curbs from August – The National
The group will lower cuts to 7.7m bpd in August, from 9.7 m bpd in July
Saudi Arabia's energy minister Prince Abdulaziz bin Salman at the Opec headquarters in Vienna in December. Saudi Arabia is expected to direct more output next month to its domestic market. REUTERS.
July 15, 2020
July 15, 2020
Opec+, an alliance of oil producers led by Saudi Arabia and Russia, will begin easing an output restriction from August as demand for crude returns amid easing of movement restrictions in many countries.
The group, which is cutting back 9.7 million barrels per day of production until the end of July, will lower the curbs to 7.7m bpd from August 1, Opec's joint ministerial monitoring committee said on Wednesday.
Opec's second-largest producer Iraq and Nigeria are set to cut output further, compensating for their overproduction between May and June when the agreement was underway. This would lead to the group cutting back a total of around 8.1m bpd from the markets in August.
Saudi Arabia's energy minister Prince Abdulaziz bin Salman, who chaired the JMMC meeting, said