OPEC+ Confident of Reviving Supply Without Hurting Prices

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By Grant Smith, Salma El Wardany, Dina Khrennikova, and Javier Blas

July 15, 2020 at 5:01 PM UTC

Updated on

July 16, 2020 at 9:02 AM UTC

This article is for subscribers only.

OPEC+ is confident that it can start easing deep production cuts next month without hurting the recovery in oil prices.

The group will proceed with its plan to gradually open the taps in August, adding at least 1 million barrels a day of supply to the market, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Wednesday. The impact of this will be “barely felt” as demand recovers from the coronavirus crisis, he said.