OPEC+, a group of major oil producers led by Saudi Arabia and Russia, will ease output cuts to 7.7 million barrels per day (bpd), starting from August from 9.7 million bpd currently.
Saudi Arabia is confident that the extra supply due to easing of production cuts will be consumed by a recovery in demand. As such, there would be a negligible impact on oil prices.
"Economies around the world are opening up, although this is a cautious and gradual process. The recovery signs are unmistakable," Saudi Energy Minister Prince Abdulaziz bin Salman said on Wednesday.
The decision to ease output cuts is in line with the Cartel's original plan. "OPEC+ was to cut 9.7 million bpd in combined production for two months—May and June—and then ease these to 7.7 million bpd, to stay in effect until the end of the year. Then, from January 2021, the production cuts would be further eased to 5.8 million bpd, to remain in effect until end-April 2022," according to oilprice.com.
WTI rallied by over 2% to $41.20 on Wednesday and was last seen trading near $41.00 per barrel.
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