Opec+ to ease oil supply cuts beginning August

The Organization of the Petroleum Exporting Countries and allies such as Russia will ease record oil supply curbs from August as the global economy slowly recovers from the coronavirus pandemic, Saudi energy minister Prince Abdulaziz bin Salman said yesterday.

Opec+ documents seen by Reuters showed that the cuts will ease to around 8.54 million bpd in August and September following compensations by Iraq, Nigeria, Angola, Russia and Kazakhstan. An Opec+ source said the panel later backed recommendations on both the easing of cuts and additional compensations.

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. Meanwhile, in New York, oil prices rose 1% yesterday, supported by a sharp drop in US crude inventories, but further gains were limited as Opec and its allies are set to ease supply curbs from August as the global economy gradually recovers from the coronavirus pandemic.

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