OPEC+ pumps up but oil still in Covid danger

DA NANG – The oil market verdict is finally in and it points to likely danger ahead. The odd collection of major oil-producing nations, including the Saudi-led Organization of Petroleum Exporting Countries (OPEC) and it’s non-OPEC partners jointly decided on July 15 to increase production starting in August. In April, the group had agreed to trim production by a record 9.7 million barrels per day (bpd) to offset the worst oil demand destruction in history that month of around 27 million barrels per day (bpd) due to the Covid-19 pandemic. Now, OPEC+ will modify that production deal by 1.6 million bpd. However, technically around 2 million bpd of production was earmarked to come back. But...