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  Thursday, September 24, 2020
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OPEC intends to boost oil production by 500,000 barrels a day effective from July 1
The Organisation of Petroleum Exporting Countries (OPEC) intends to boost oil production by 500,000 barrels a day effective from July 1, and by another 500,000 barrels a day at the end of August if the first increase would not be enough to stabilise oil prices. Such agreement, according to confidential sources, has been reached by OPEC countries on the night fromTuesday to Wednesday. An OPEC regular session, which opens on Wednesday morning, is expected to approve the proposal, which was put forward by Saudi Arabia. Meanwhile, Saudi Arabia itself has already stated that the OPEC currently lacks sufficient instruments in order to immediately stop the petroleum price rise
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