LONDON, Jun 30 (.) – OPEC and Russia are likely to relax their historic cuts in oil production starting in August as global energy demand picks up and prices continue to rebound, four sources with the cartel told ..
OPEC and its Russian-led allies, a group known as OPEC +, have agreed to reduce joint production to a record level of 9.7 million barrels per day (bpd), or 10% of world demand, as of May for two months and then decided to extend this decrease until July.
Sources said there have been no discussions so far about the possibility of extending the current level of cuts until August, implying that the drop in supplies is likely to reach a total of 7.7 million bpd as of that month. (OPEC team report. Edited in Spanish by Marion Giraldo)