The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, agreed on Thursday to ramp up crude production in anticipation of increased demand. The shift comes despite elevated uncertainty about the coronavirus pandemic and its still festering impacts on global travel and economic activity.

WTI and Brent spot price

Saudi Arabia-led OPEC and an allied group of leading producers headed by Russia agreed to boost output by 350,000 b/d in May and June, and then increase to as much as 450,000 b/d in July. Saudi Arabia also would begin to unwind cuts it made earlier this year.

The deal marked a compromise. Saudi Arabia, concerned about virus outbreaks and new lockdowns across Europe, had sought to hold the line on production. 

As recently as Tuesday, OPEC Secretary General...