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.