OPEC+ to relax oil production cuts by 600,000bpd in May

oil production cuts

OPEC+ to relax oil production cuts by 600,000bpd in May     The Organisation of Petroleum Exporting Countries and its allies (OPEC+) seem set to ease back on their production cuts, after ministers, on Tuesday, endorsed previously agreed plans to boost crude oil output from May. The group, known as OPEC+, intends to pump some two million barrels per day of extra crude oil by July with the most volume coming from Saudi Arabia. The alliance is betting that improvements in the global economy will outweigh the surge of COVID-19…

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