- Russia and Saudi Arabia reach preliminary deal, sources say
- OPEC+ to add less than 0.5 mln bpd a month Aug-Dec, source says
- Supply management could last until end of 2022
- Oil prices trade near 2-1/2 year highs
LONDON/DUBAI/MOSCOW, July 1 (Reuters) – OPEC+ is moving towards gradually adding about 2 million barrels per day (bpd) to the oil market from August to December, an OPEC+ source told Reuters as the group eases back on output curbs amid a recovering global economy and an oil price rally.
The source said monthly increases would amount to less than 0.5 million bpd. Another OPEC+ source said top OPEC producer Saudi Arabia and top non-OPEC producer Russia had a preliminary agreement for a deal on easing output curbs from August.
Responding to oil demand destruction caused by the COVID-19 crisis, OPEC+ last year agreed to cut output by almost 10 million bpd from May 2020, with plans to phase out the curbs by the end of April 2022. Cuts…