OPEC and partners are betting on a significant boost in oil demand over the coming months as member states get ready to ramp up oil production. OPEC, Russia, and their allies are planning to increase oil production by 2.1 million bpd by as early as July this year, suggesting the confidence they have in a market rebound. The organization’s output cuts of 7 million will be eased significantly each month between now and July. Saudi Arabia is also expected to ease its voluntary output cuts to increase production by 1 million bpd by July. The announcement to ease restrictions comes unexpectedly as the oil industry is once again suffering from increased Covid-19 restrictions as Europe and parts of Latin America go into a third wave of the pandemic. Oil prices have dropped to the lowest in almost two weeks as European lockdown measures continue to be extended, leaving the […]