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OPEC+ agrees to ease oil production cuts as it bets on increased demand amid Covid pandemic recovery

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The world’s top oil producers, known collectively as OPEC+, have agreed to increase output from May to July in expectation of a rise in demand as the global economy recovers from the impact of the Covid-19 pandemic.

The Organization of the Petroleum Exporting Countries, which is led by Russia and Saudi Arabia, has been cutting its total output, after oil prices were hit hard by the spread of Covid-19 last year.But on Thursday, the 23-nation group agreed to reduce cuts by 350,000 barrels per day (bpd) in May, 350,000 bpd in June, and around another 400,000 bpd in July.This means …

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