The Saudi-led Organization of the Petroleum Exporting Countries and its Russia-led allies are moving cautiously in ramping up output, delegates said, worried about uncertain demand as the world’s economies recover unevenly.
The group, called OPEC-plus, slashed output early last year by 9.7 million barrels a day as the pandemic shrunk demand.
Cumulative additions over the past year will have brought back some four million barrels a day by next month.
Earlier this week, U.S. crude prices neared $72 a barrel, their highest level in more than 2½ years before settling lower.
In recent months, the group has surprised markets with abrupt changes in direction as it wrangles with gauging demand.
of, Petroleum, OPEC, Delegates