OPEC to boost oil output as economies recover, prices rise

FRANKFURT, Germany (AP) — The OPEC oil cartel and allied producing countries have confirmed plans to return 2.1 million barrels per day of oil output, balancing fears that COVID-19 outbreaks in some countries will sap demand against surging demand from recovering economies around the globe. Energy ministers made the decision during an online meeting Tuesday. Saudi Arabia’s energy minister, the de facto leader among member countries, said that there were still “clouds on the horizon” despite recovering demand as rebounds of many economies push prices to multi-year highs.