(Read the full article on report.az)

OPEC and its allies are considering boosting the group’s collective output by some 500,000 barrels a day when they meet next week, Report informs referring to The Wall Street Journal.

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+, 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 4 million barrels a day by next month.

The alliance will meet virtually on July 1 to decide what to do next. Delegates are currently looking at adding another 500,000 barrels a day in August, possibly followed by similar bumps higher in subsequent months, delegates said.