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Opec+ did its job, but don’t expect it to disappear

Oil producers have added back all the production they cut in 2020 — at least on paper — but members have no reason to quit the group.

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    • In a virtual meeting on June 30, the group of 23 oil-exporting countries agreed to add back in August the final tranche of the 9.7 million barrels a day of supply that they agreed to cut back in April 2020.
    • In a virtual meeting on June 30, the group of 23 oil-exporting countries agreed to add back in August the final tranche of the 9.7 million barrels a day of supply that they agreed to cut back in April 2020. REUTERS

    Julian Lee

    Published Tue, Jul 5, 2022 · 05:38 PM

    THE Opec+ group of oil producers has completed its mission to restore all the oil it removed from the market during the depths of the Covid-19 pandemic — at least on paper. But don’t expect it to disappear just yet.

    The group of 23 oil-exporting countries met virtually on Thursday (June 30) — well, those who could log into the room did, some were apparently unable to join the call — and agreed to add back in August the final tranche of the 9.7 million barrels a day of supply that they agreed to cut back in April 2020.

    So that’s it. Job done.

    OpecoilOil prices

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