After months of preaching caution and saying the time was not right to raise oil production, OPEC and its partners abruptly agreed April 1 to loosen their quotas and add more than 2 million b/d into the market by July. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The move is a bet that the OPEC+ alliance can gradually reclaim some of its lost market share, even as the global economy faces an uneven recovery from the pandemic. The increases will be phased in each month, and the alliance reserves the right to U-turn if market conditions deteriorate, Saudi energy minister Prince Abdulaziz bin Salman said. In fact, OPEC+ ministers are planning to meet again April 28 to review their […]