OPEC may boost oil output by 2 million barrels per day
A Bloomberg report says the OPEC+ alliance led by Saudi Arabia and Russia could consider raising output by 2 million barrels per day on Wednesday, having successfully doubled crude prices over the past few months with the help of record production cuts.
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The JMMC will consider whether the 23-nation alliance should keep 9.6 million barrels of daily output off the market for another month, or restore some supplies as originally planned, tapering the cutback to 7.7 million barrels.
Oil prices fell sharply in April, with the front-month West Texas Intermediate contract falling below zero for the first time on record, as the coronavirus-induced lockdown filled by storage tanks across the globe.
In response, the OPEC+ announced a production cut of 9.6 million barrels per day, which took effect on May 1.