OPEC and allies expected to gradually increase output
Updated: Jun. 1, 2021 at 9:40 AM CDT
FRANKFURT, Germany (AP) — OPEC oil cartel members and allied countries are facing a decision on production levels at a virtual meeting Tuesday of the Vienna-based organization.
Members such as Saudi Arabia and non-member such as Russia face conflicting pressures in oil markets.
They have to balance continuing COVID-19 outbreaks in places like India against the ongoing recovery in the US that is increasing demand for fuel.
There’s also the possibility that Iran might ship more oil if there’s a deal over its nuclear program.
Analysts say the producing countries might just stick to their earlier decision to gradually add back 2.1 million barrels per day in production through July.
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