Russia and OPEC Will Increase Oil Production in August
Is the coronavirus recession over? OPEC oil producers hope so, and so does Russia. Key members of OPEC today have agreed with Russia that it's safe to once again open their spigots and let the oil flow a bit more freely, The Wall Street Journal has reported.
It's been four months now since a price war broke out between OPEC and its most famous nonmember, Russia, exacerbating a precipitous oil-price decline in the face of the COVID-19 pandemic. By April, producers realized their mistake and began cutting back on production.
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Source Fool.com
