RIYADH: The OPEC+ group is easing the record 9.7-million barrels per day production cuts as of August as demand has started to recover, said Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, said at an OPEC+ meeting . “As we move to the next phase of the agreement the extra supply resulting from the scheduled easing of production cut will be consumed as demand continues on its recovery path,” the Saudi minister said. The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group met on Wednesday to decide how to proceed with the cuts. OPEC+, led by OPEC’s top producer Saudi Arabia and by Russia, agreed in June to extend the record production cuts of 9.7 million bpd by one month through the end of July.
