Output cuts set to roll back to 7.6 million b/d in August Compensation cuts for May, June overages will add to total Middle East summer air conditioning to add to oil demand London — With oil prices and global demand rebounding, the OPEC+ alliance will stick to its timeline of paring back its landmark production cuts at the end of July, sources familiar with the deliberations told S&P Global Platts. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The 23-country OPEC+ coalition — which together controls about half of the world’s oil production — instituted an unprecedented 9.7 million b/d cut accord in May during the depths of the COVID-19 crisis, but expects to downsize the cuts to 7.6 million b/d starting in August, as scheduled, instead of extending them, the sources said. The key Joint Ministerial Monitoring Committee, co-chaired by Saudi Arabia and […]