OPEC adheres to the current supply plan to support the market

OPEC sources said it is likely that the Organization of Petroleum Exporting Countries OPEC and its allies will stick to the current pace of gradually easing oil supply restrictions as producers balance their expectations of a recovery in demand against a possible increase in Iranian supply.

OPEC decided during its April meeting to return 2.1 million barrels per day of supplies to the market from May to July, as it expected a rise in global demand despite the high cases of Coronavirus in India. The Secretary-General of the Organization of Petroleum Exporting Countries Muhammad Barkindo said that he does not expect the increase in Iranian supply to cause problems.