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OPEC+ Confident of Reviving Supply Without Hurting Prices

  • Cartel would only rethink plan if severe lockdowns return
  • Supply hike in August, September tempered by compensatory cuts
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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.