June 30, 2020 / 2:26 PM / a month ago

OPEC, Russia seen easing oil production cuts from August - sources

LONDON, June 30 (Reuters) - OPEC and Russia will likely ease record oil production cuts from August as global oil demand recovers and prices have bounced back from their lows, four OPEC+ sources told Reuters.

OPEC and its allies including Russia, know as OPEC+, have agreed to cut production by a record 9.7 million barrels per day, or 10 percent of global demand, from May for two months and then extended the duration of the cut into July.

The sources said no discussions have taken place so far about extending the cuts into August, meaning they were most likely to be eased to 7.7 million bpd. (Reporting by OPEC team; editing by David Evans)

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