OPEC and allies set to ease oil output cuts, anticipating demand recovery - MarketWatch

An alliance of crude producers led by Saudi Arabia is pushing OPEC and its allies to increase oil production starting in August, officials in the group said, amid signs that demand is returning to normal levels following coronavirus-related lockdowns.

In April, Saudi Arabia, the world’s largest oil exporter, led a push that saw the 23-producer group cut its collective output by 9.7 million barrels a day, as the pandemic led to a collapse of oil demand.

Now Saudi Arabia and most participants in the coalition support a loosening of the curbs, the delegates said.

Under a Saudi proposal, the so-called OPEC Plus coalition would relax its current curbs by 2 million barrels a day to 7.7 million barrels a day, the delegates said.

Some members of the group made a rare exception mid-2018 when they temporarily increased output to make up for lost Iranian barrels because of U.S.

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