Home Economy OPEC to increase oil output as global economy recovers

OPEC to increase oil output as global economy recovers

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FRANKFURT, Germany — The OPEC oil cartel and allied producing countries have confirmed plans to restore 2.1 million barrels of crude per day of oil output, balancing fears that continuing COVID-19 outbreaks in some countries will sap demand against the rising need for energy in recovering economies around the globe.

Energy ministers made the decision during an online meeting Tuesday.

Saudi Energy Minister Prince Abdulaziz bin Salman said recent market developments proved that the decision to gradually increase production, originally made in April and reconfirmed Tuesday, was “the right decision.” He said that there were still “clouds on the horizon” regarding the recovery and demand for energy.

The cartel decided to stay the course decided at earlier meetings to raise production by 2.1 million barrels per day from May to July. The group planned to add back 350,000 barrels per day in June and 440,000 barrels per day in July. At the same…

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