Saudi Energy Minister Abdulaziz bin Salman speaks at an investment conference in Riyadh, Saudi Arabia, on Jan. 27. OPEC and its allies on Thursday decided to gradually boost oil production in anticipation of a rebound in crude demand over the summer.

Saudi Energy Minister Abdulaziz bin Salman Al-Saud speaks during the fourth edition of the Future Investment Initiative (FII) conference at the capital Riyadh’s Ritz-Carlton hotel on January 27, 2021. – Saudi Arabia opened a two-day Davos-style investment forum, with dozens of global policy makers and business tycoons lined up to speak at the largely virtual event amid the coronavirus pandemic. Only 200 of around 8,000 registered delegates attended in-person, while around 100 speakers are set to participate virtually with 50 present physically. Previous summits drew thousands of Wall Street titans and global policymakers. (Photo by FAYEZ NURELDINE / AFP) (Photo by FAYEZ NURELDINE/AFP via Getty Images)