LONDON: Opec and allies such as Russia agreed on Wednesday to ease record oil supply curbs from August as the global economy slowly recovers from the coronavirus pandemic but said a second wave of the virus could complicate rebalancing in the market.
He said Saudi oil exports in August would remain the same as in July because about 0.5 million bpd of extra barrels the kingdom was set to pump would be used domestically.The recovery has allowed some US producers to resume production. However, fears of a second wave of coronavirus are weighing heavily on the market and Opec+ said in documents seen by Reuters that “a second strong wave” could deepen the hit to demand to 11 million bpd this year.
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