- It is expected that oil producers would soon increase the output of crude oil produced
- Analysts also believe that oil producers will ease supply cuts which were imposed about 3 months ago
- The International Energy Agency (IEA) earlier stated that the worst may be over with respect to the impact of the coronavirus
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Oil producers all over the world are expected to announce an increase in the output of crude oil in a few days.
Briefly.co.za understands that meetings are likely to held soon to discuss the next course of action.
A key item on the table for discussion is possible ease in supply cuts which were imposed in April 2020 to increase prices.
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The Organisation of Oil Exporting Countries (OPEC) and its allies, known as OPEC+, reduced daily oil output by 9.7 million barrels following the collapse in demand.
Per a report by classfmonline.com, this was to help reduce the effects of an oil glut which was caused by the lockdowns.
Information available shows that the International Energy Agency (IEA) earlier stated that the worst may be over with respect to the impact of the coronavirus.
Its report also showed that the general economic outlook may be tainted by the resurgence of cases in some parts of the world such as the United States of America (USA) and Latin America.
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