OPEC To Increase Oil Output As Global Economy Recovers
FRANKFURT, Germany (AP) — The OPEC oil cartel and allied producing countries have confirmed their plans to return 2.1 million barrels per day of oil output.
The move is expected to balance fears that continuing COVID-19 outbreaks in some countries will sap demand against rising demand from recovering economies around the globe.
Energy ministers made the decision during an online meeting Tuesday. Saudi Arabia's energy minister, the de facto leader among member countries, said that there were still "clouds on the horizon" despite recovering demand and the economy rebound in many countries.
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