OPEC and allies set for another crude output increase ...Middle East

LONDON: The OPEC group of oil-producing countries and its allies look set to keep boosting production when they meet Tuesday, as pandemic-hit demand for crude recovers.The OPEC+ alliance, consisting of 23 countries, implemented sharp output cuts to support prices after the coronavirus pandemic crushed the global economy last year.But since early May the cartel has started implementing more generous production increases as oil prices have recovered and the health situation improves in developed economies.“OPEC+ currently finds itself in a very favourable situation,“ said Commerzbank analyst Eugen Weinberg, adding that the group would likely maintain its plan to raise production.The production

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OPEC and allies set for another crude output increase ...Middle East

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