LONDON, June 1 — The Opec group of oil-producing countries and its allies look set to boost production further when they meet today, as pandemic-hit demand for crude recovers.
Currently the production roadmap for Opec+ members consists of a series of increases between May and July adding up to some 1.2 million barrels per day . Riyadh could point to how markets have been shaken by a vicious third wave of the virus that has swept through India, the world’s third-biggest consumer of crude after the US and China.
This, combined with Opec’s previous policy of production restraints, means analysts expect the market to tighten sufficiently by August for demand to start outstripping supply.
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