Easing back: The Kaombo Norte floating oil platform off the coast of Angola, a member of Opec . The oil coalition is reviving supplies as fuel consumption picks up with the lifting of lockdowns around the world. — Reuters
LONDON: Opec+ is confident that it can start easing deep production cuts next month without hurting the rally in oil prices.
The group will proceed with its plan to gradually open the taps in August, adding at least one million barrels a day of supply to the market, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Wednesday. The impact of this will be “barely felt” as demand recovers from the coronavirus crisis, he said.
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