OPEC+ set to ease record oil cuts from August

LONDON/DUBAI/MOSCOW: OPEC and allies such as Russia will ease record oil supply curbs from August as the global economy slowly recovers from the coronavirus pandemic, Saudi energy minister Prince Abdulaziz bin Salman said on Wednesday.

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day, or 10% of global supply, after the virus destroyed a third of global demand.