OPEC+ to ease output cuts

OPEC+ producers have agreed to restore some output starting August as they see demand recovering. Output cuts will be eased to 7.7 million barrels a day until December, from the record cuts of 9.7 million barrels a day agreed on in May. Countries that did not commit to reducing output in May and June, including Iraq and Nigeria, will make extra cuts of 842,000 barrels a day in August and September.