OPEC, Russia seen easing oil production cuts from August: Report

Topics OPEC | Oil Prices | OPEC output


By Rania El Gamal, Alex Lawler and Vladimir Soldatkin LONDON (Reuters) - OPEC and Russia will likely ease record oil production cuts from August as global oil demand recovers and prices have bounced back from their lows, four OPEC+ sources told Reuters. OPEC and its allies including Russia, know as OPEC+, have agreed to cut production by a record 9.

7 million barrels per day, or 10 percent of global demand, from May to support oil prices as demand plunged because of the coronavirus pandemic. Record cuts were meant to last until.

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