OPEC and allies agree to gradually boost crude oil output
The Hindu
The group will add back 350,000 barrels per day in May, 350,000 in June, and 400,000 in July
The OPEC oil cartel and allied countries said on Thursday that they have decided to gradually add back some 2 million barrels per barrel per day of oil production from May to July, moving cautiously in pace with the recovery of the global economy from the COVID-19 pandemic. The group is gingerly adding back production that was slashed last year to support prices as demand sagged during the worst of the pandemic recession, which sapped demand for fuel. The group will add back 350,000 barrels per day in May, 350,000 in June, and 400,000 in July. Meanwhile Saudi Arabia will restore an additional 1 million barrels per day that it made on its own.
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