The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, debated on Thursday a proposal to further boost crude oil production, anticipating steadily increasing demand for travel fuels in the second half of 2021.

opec forecast

Citing successful vaccination efforts and economic momentum in leading countries such as the United States and China, the Saudi Arabia-led cartel and an allied group of leading producers headed by Russia discussed whether to raise output by about 400,000 b/d each month from August to December. Details were likely to be finalized Friday, according to multiple news outlets.

Crude consumption is “moving in the right direction,” with a projected “strong rebound of oil demand in the second half of the year, putting us within striking distance...