Oil rises as Opec+ prepares to restore some supply from August
Cartel says it will withhold 7.7-million barrels a day in August compared with 9.6-million now
15 July 2020 - 17:18
Oil cartel Opec+ and its allies will restore some oil supplies in August, but the impact will be “barely felt” as demand recovers from the coronavirus crisis, Saudi Arabia’s energy minister said on Wednesday.
After almost three months of historic output curbs to offset the worst effects of the global pandemic, the 23-nation coalition led by Riyadh and Moscow will proceed with its plan to gradually taper the reductions. The decision was widely expected but still carries some risks for the cartel after a resurgence of the virus in the US, the world’s largest oil consumer...
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