OPEC+ meets to decide on oil cuts easing – ZAWYA

OPEC+ meets to decide on oil cuts easing – ZAWYA

OPEC+ set to ease record oil cuts from Aug | ZAWYA MENA Edition HomeMarketsCommoditiesArticleOPEC+ set to ease record oil cuts from Aug After July, the cuts are due to taper to 7.7 million bpd until December    The logo of the Organisation of the Petroleum Exporting Countries (OPEC) is seen at OPEC's headquarters in Vienna, Austria December 5, 2018. LONDON/DUBAI- OPEC and allies such as Russia will ease record oil supply curbs from August as the global economy slowly recovers from the coronavirus pandemic, Saudi energy minister Prince Abdulaziz bin Salman said on Wednesday.The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day, or 10% of global supply, after the virus destroyed a third of global demand.After July, the record cuts are due to taper to 7.7 million bpd until December. Prince Abdulaziz said effective cuts would be deeper due to compensation by countries which overproduced in previous months.The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day, or 10% of global supply, after the virus destroyed a third of