OPEC+ could add 2 mln bpd of oil to market by December, says source

 OPEC+ could add 2 mln bpd of oil to market by December, says source
  • 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…

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