Opec, Russia and their allies, a group known as Opec+, said they would ease record oil curbs from August 1 citing a gradual recovery in demand as global lockdowns loosen up. — Reuters pic
Opec, Russia and their allies, a group known as Opec+, said they would ease record oil curbs from August 1 citing a gradual recovery in demand as global lockdowns loosen up. But internal research by Opec, seen by Reuters, suggests those targets could be at risk if a second wave of the virus forces new lockdowns around the world.
“It should be noted in this scenario that the overall stock build reaches an unprecedented high of 1.218 billion barrels in 2020,” Opec said in research prepared for yesterday’s Opec+ panel meeting where ministers recommended easing output cuts.
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