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OPEC and its allies will reduce the scale of production cuts
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OPEC officials said that the Saudi Arabia-led alliance of crude oil producers is pushing OPEC and its allies to increase oil production from August. At present, there are signs that after the anti-epidemic blockade measures are relaxed, oil demand is returning to normal levels.

The report said that OPEC’s main member countries and allies led by Russia will meet on Wednesday through an online meeting to discuss the group’s current and future production. In April this year, against the backdrop of the sharp drop in oil demand caused by the new crown epidemic, Saudi Arabia, the world’s largest oil exporter, led an agreement to allow this group of 23 oil-producing countries to reduce total output by 9.7 million barrels per day.

According to reports, these representatives said that most of the Saudis and the group's participants now support the relaxation of restrictions. Delegates said that according to a Saudi proposal, the so-called OPEC+ Group will reduce the current scale of production cuts by 2 million barrels per day to 7.7 million barrels per day.

Earlier, Reuters Chinese website reported on July 10 that the International Energy Agency revised up its 2020 oil demand forecast, but warned that the spread of the new coronavirus poses a risk to demand prospects. According to reports, the International Energy Agency revised up its forecast for oil demand this year to 92.1 million barrels/day, which is 400,000 barrels/day higher than last month’s forecast, mainly because the second quarter fell less than expected.