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An off-shore oil platform in California. Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

The OPEC+ coalition is entering the next phase of fraught market-management efforts that have repercussions for the battered U.S. oil industry.

Driving the news: The group yesterday agreed to press ahead with plans to begin increasing output as demand haltingly recovers.

  • The coalition of OPEC and Russia — among other producers — will ease their joint curbs by roughly 2 million barrels per day starting next month.
  • It hews to a deal struck in April, as COVID-19 shattered demand, to cut 10 million barrels daily from the market for three months before beginning to relax the curbs.

Why it matters: The oil sector is in uncharted waters amid uncertainty over the recovery from unprecedented demand loss and the severity of the COVID-19's trajectory.

  • "Oil market balance is progressively improving … But risks and uncertainties are huge, be they related to the pandemic or to the economic consequences," Algerian energy minister Abdelmadjid Attar said at yesterday's meeting, per the Associated Press.

What they're saying: KPMG analyst Regina Mayor said OPEC+ faces a delicate task amid its members' competition with U.S. producers, whose output is very price-sensitive.

  • "OPEC+ will have to work hard to ‘thread the needle’ to allow slight increases in production without unleashing U.S activity. Basically, this will be a classic case of how to boil the frog without it jumping out of the pot," Mayor said.

Go deeper

Ben Geman, author of Generate
Aug 13, 2020 - Energy & Environment

IEA cuts oil demand forecast, citing "stalling" mobility

Illustration: Eniola Odetunde/Axios

The International Energy Agency has again lowered its projected global oil demand estimates, "reflecting the stalling of mobility as the number of COVID-19 cases remains high."

Why it matters: The agency's analysis Thursday is the first time in several months that IEA deepened its projection of the extent of the pandemic-driven demand collapse.

3 hours ago - Health

India crosses 1 billion COVID vaccinations milestone

A health worker inoculates a COVID-19 vaccine dose to a man wearing a face mask of Prime Minister Narendra Modi in Beawar, India, in September. Photo: Sumit Saraswat/Pacific Press/LightRocket via Getty Images

India's Prime Minister Narendra Modi announced Thursday that the country's health workers have now administered more than 1 billion COVID-19 vaccines doses.

Of note: While this is a significant milestone for the country of 1.4 billion, which has been devastated by the coronavirus, only about 30% of the eligible population has been fully vaccinated against the virus, per AP. Roughly 75% has received at least one dose.

Trump says he plans to launch new social media network in 2022

Photo: Chris Delmas/AFP via Getty Images

Former President Trump on Wednesday announced plans to launch a social media network called "Truth Social," and that it would go public via a SPAC.

Why it matters: Most ex-presidents are focused on their legacies, by creating presidential libraries or engaging in philanthropic endeavors. Trump, however, remains consumed by social media.