OPEC+ discussing further gradual oil output rise from August, say sources
OPEC+ is discussing a further gradual increase in oil output from August as oil prices rise on demand recovery, but no decision had been taken on the exact volume yet, two OPEC+ sources familiar with the talks said on Tuesday, Trend reports citing AlArabiya news
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is returning 2.1 million barrels per day
(bpd) to the market from May through July as part of a plan to gradually unwind last year’s record oil output curbs.
“It is highly possible to increase gradually from August,” said one of the sources, adding that no final decision had beenmade and the exact volumes are yet to be agreed on.