OPEC+ sticks to plans to ease oil cuts

OPEC+ agreed on Tuesday to stick to the existing pace of gradually easing oil supply curbs, two OPEC+ sources said, as producers balanced expectations of a recovery in demand against a possible increase in Iranian supply.

The Organization of the Petroleum Exporting Countries and allies, known collectively as OPEC+, decided in April to return 2.1 million barrels per day (bpd) of supply to the market during May to July as it anticipated demand would rise despite high numbers of coronavirus cases in India.

Source(s): Reuters

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