OPEC and allies such as Russia meet on Wednesday to decide oil output policy from August amid broad market expectations the group will ease supply curbs as the global economy slowly recovers from the coronavirus pandemic.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day, or 10 percent of global supply, after the virus destroyed a third of global demand.
After July, the cuts are due to taper to 7.7 million bpd until December. A panel involving key ministers and known as the Joint Ministerial Monitoring Committee (JMMC) meets on Wednesday after 12 GMT to recommend the next level of cuts.
