OPEC to increase oil output as global economy recovers

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FRANKFURT, Germany (AP) — The OPEC oil cartel and allied producing countries have confirmed their plans to return 2.1 million…

FRANKFURT, Germany (AP) — The OPEC oil cartel and allied producing countries have confirmed their plans to return 2.1 million barrels of crude per day of oil output, balancing fears that continuing COVID-19 outbreaks in some countries will sap demand against rising demand from recovering economies around the globe.

Energy ministers made the decision during an online meeting Tuesday.

Saudi Energy Minister Prince Abdulaziz bin Salman said recent market developments proved that the decision to gradually increase production, made in April, was “the right decision.” He said that there were still “clouds on the horizon” regarding the recovery and demand for energy.

The meeting confirmed decisions at earlier meetings to raise group production by 2.1 million barrels per day from May to July. The…

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