OPEC+ Confirms Plan to Gently Hike Supply as Demand Recovers
- Committee decides to skip full meeting planned for Wednesday
- Consumption rebound strong, but marred by India’s Covid crisis
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OPEC and its allies will proceed with plans to gently revive oil production as global demand recovers from the pandemic, despite surging infections in India.
A committee led by Saudi Arabia and Russia agreed the coalition should press on with its roadmap for increasing supply by 2 million barrels a day over the next three months, a decision that was later rubber-stamped in a statement from the whole group.