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AP National

OPEC steadily adds back production as economy recovers

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Published 9:17 AM

FRANKFURT, Germany (AP) — OPEC and its allies are adding more oil back to the market as demand recovers from the worst of the coronavirus pandemic. The oil producing cartel and its allies agreed during an online meeting Wednesday to stick to plans and add back 400,000 barrels of oil per day from Oct. 1. The group, known as OPEC+, is gingerly restoring deep cuts made last year, when lockdowns and travel restrictions caused fuel demand and prices to crater. De facto cartel leader Saudi Arabia has wanted to avoid a sudden price dip from adding too much oil back too soon. Prices fell ahead of Wednesday’s meeting but rose afterward to trade little changed on the day. 

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