OPEC+ countries meet today to decide on production policy from August

OPEC and its allies meet today, July 15, to decide whether to ease output curbs from August, in light of expectations to reduce supply restrictions as the economy slowly recovers from COVID-19 crisis, according to Reuters.

Since May, OPEC+ has been cutting output by 9.7 million barrels per day (mbpd) after COVID-19 crisis destroyed a third of global demand and caused a price collapse.

After July, these restrictions are expected to fall to 7.7 million bpd until December, as a committee of ministers from the group’s countries will meet today to determine the next level of cuts.