Crude Oil Producers Set To Increase Output

Opec and its allies, known as Opec+, cut daily oil output by 9.7m barrels as the pandemic saw demand collapse.

But it seems all that is about to change as there is now a rising demand for oil as lockdown is now phasing out in most counties. 1

Expectations are growing that from next month those curbs will be reduced to 7.7m a day, meaning that output will increase by 2m barrels a day.

But this projection is still dependent on the Coronavirus pandemic, new cases are still being reported and unless the pandemic sustains a continual downward trend, OPEC would have no choice but to back down.

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