OPEC boosting oil production next month, wary of second COVID-19 wave

The Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+, have agreed to curb oil supply from August as the global economy recovers from the COVID-19 pandemic.

It is worth saying straight from the off that OPEC+ has been cutting oil production since May by 9.7 million barrels per day, or 10 per cent of global supply after the virus destroyed a third of global demand.

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