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OPEC, Russia likely to ease oil production cuts from August

OPEC and Russia are expected to ease oil production cuts from August as global oil demand recovers and prices have bounced back from their lows. OPEC and its allies including Russia, know as OPEC+, have agreed to cut production by a record 9.7 million barrels per day, or 10% of global demand, from May to support oil prices as demand plunged because of the coronavirus pandemic. Record cuts were meant to last until the end of June but then had been extended till July. Oil prices have recovered to above $41 a barrel from below $16 a barrel in April.

Read More at Moneycontrol News date : 1 Jul 2020, Wednesday

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