OPEC+ sticks to plan to ease oil output cuts from May 1

DUBAI/MOSCOW/LONDON: OPEC, Russia and their allies will stick to plans for a phased easing of oil production restrictions from May to July amid upbeat forecasts for a recovery in global demand and despite surging coronavirus cases in India, Brazil and Japan.

The group known as OPEC+ ditched plans to hold a ministerial meeting on Wednesday, four OPEC+ sources said, following Tuesday’s meeting of ministers who are members of a market monitoring panel.