The Organisation of the Petroleum Exporting Countries and allies have agreed to allow more oil to flow from the taps, saying demand for oil is growing as economies take steps to reopen. However, they also cautioned that they could revisit the decision in an emergency meeting if there are serious lockdowns that further reduce demand for oil. The OPEC nations and their allies will cut production by at least 7.7 million barrels per day in August, essentially putting about 2 million more barrels per day on the market than they did in July, analysts said. The oil-producing nations had agreed to cut production by nearly 10 million barrels per day through the end of July.
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