OPEC and allies such as Russia meet on Wednesday to decide oil output policy from August amid broad market expectations the group will ease supply curbs as the global economy slowly recovers from the coronavirus pandemic, APA reports citing Reuters.
The Organization of the Petroleum Exporting Countries and 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 cuts are due to taper to 7.7 million bpd until December. A panel involving key ministers and known as the Joint Ministerial Monitoring Committee (JMMC) meets on Wednesday after 12 GMT to recommend the next level of cuts.
Five OPEC+ sources have said no recommendations have been made to prolong record cuts into August.
OPEC’s secretary general Mohammad Barkindo said this week the oil market was getting closer to balance.
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