An alliance of crude producers led by Saudi Arabia agreed on Wednesday to increase oil production starting in August, officials in the group said, amid signs that demand is recovering following coronavirus-related lockdowns.
Key members of the Organization of the Petroleum Exporting Countries and its Russia-led allies agreed to loosen existing production caps by about 1.6 million barrels a day, partly reversing draconian output cuts enacted to stem a sharp price decline in the early days of the coronavirus pandemic.
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