Is OPEC+ Ready To Relax Oil Output Cuts?

OPEC+ is likely to ease its crude oil production cuts from 9.7 million bpd to 7.7 million bpd starting next month as the extended oil group saw signs of improving demand. The Wall Street Journal reported, quoting OPEC delegates, that Saudi Arabia and most of the members of OPEC+ are in favor of relaxing the cuts agreed in April. “If OPEC clings to restraining production to keep up prices, I think it’s suicidal,” one unnamed source told the Wall Street Journal. “There’s going to be a scramble for market share,…