OPEC+ expected to ease oil cuts as demand recovers: Saudi minister

15/07/2020 Argaam

 

OPEC and allies are moving to the next phase of its oil cut pact when the group is expected to ease their reductions as oil demand recovers, Reuters reported, citing Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister.

 

Effective oil cuts will be deeper than 7.7 million barrels per day, thanks to a compensation plan by countries which overproduced in previous months.

 

Saudi Arabia will keep its August oil exports at the same level as in July, Prince Abdulaziz bin Salman added, expecting additional Saudi local demand for oil to rise by 0.5 million bpd in August.

  

The Joint Ministerial Monitoring Committee (JMMC) is meeting today, July 15 to decide how to proceed with oil cuts.

 

Since May, OPEC+ has been cutting output by 9.7 million bpd to shore up prices amid weak demand due to the COVID-19 crisis.

 

After July, these restrictions are expected to fall to 7.7 million bpd until December.

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