OPEC+ to Boost Oil Output in August, Seeing Demand Recovery

• OPEC and its allies will restore some oil supplies next month, but the impact will be “barely felt” as demand recovers from the coronavirus crisis, said Saudi Arabia’s Energy Minister.
• After almost three months of historic output curbs to offset the global pandemic's worst effects, the 23-nation coalition led by Riyadh and Moscow will proceed with its plan to taper the reductions gradually. The decision was widely expected but still carries some risks for the cartel after a resurgence of the virus in the U.S., the world's largest oil consumer.
• The Organization of Petroleum Exporting Countries and its allies will withhold 7.7 million barrels a day from the market in August, compared with cuts of 9.6 million currently. The group’s two largest members, Russia and Saudi Arabia, publicly backed the move, and other ministers participating in the video conference had agreed in principle, delegates said.

(Source: Bloomberg)