OPEC+ could add 2 million bpd oil to market by December: Report

Monthly increases would amount to less than 0.5 million barrels per day, a source told Reuters news agency.

OPEC+ is moving towards gradually adding about 2 million barrels per day (bpd) to the oil market from August to December, an OPEC+ source told Reuters news agency as the group eases back on output curbs amid a recovering global economy and an oil price rally. The source told Reuters that monthly increases would amount to less than 0.5 million bpd. Another OPEC+ source told Reuters that top OPEC producer Saudi Arabia and top non-OPEC producer Russia had a preliminary agreement for a deal on easing output curbs from August. Responding to oil demand destruction caused by the COVID-19 crisis, OPEC+ last year agreed to cut output by almost 10 million bpd from May 2020, with plans to phase out the curbs by the end of April 2022. Cuts now stand at about 5.8 million bpd.