OPEC/OPEC+ to Increase Output As Economies Improve, an Industrial Info Market Brief

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The Saudi-led coalition of OPEC and its allies, OPEC+, emerged from a quarterly meeting on July 15 with a consensus to ease restrictions on crude oil production for August and September, as more economies open up following the COVID-19 lockdowns in April and May, according to the Economic Times.

The coalition will produce roughly 2 million more barrels of crude per day for refineries worldwide. During the lockdowns, nearly a third of global fuel demand had disappeared.

The coalition is keen to point out that should there be a second wave of the pandemic, the members must be able to balance out supply and demand, and ultimately, the price positioning in the world market. The next joint ministerial meeting to discuss policies is planned for August 18.