The Organization of the Petroleum Exporting Countries and its allies decided to allow a slight rise in crude output in the face of fragile market demand after talks on Thursday, less than a third of the amount market observers had predicted.
The so-called Opec+ group sharply cut output last year to counter a sudden plunge in prices caused by the coronavirus pandemic, but it agreed to gradually increase supply in January. Oil prices surged more than 5% higher during the meeting on speculation that the group would keep a tight lid on production.
The speed at which demand will return remains subject to several factors, not least the success of vaccination programmes which have got off to a shaky start in some countries.
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