The world’s largest oil-producing countries agreed on Sunday to continue to increase production moderately from August.
OPEC and its allies agreed to increase production by 400,000 barrels a day each month to help the world recover from the pandemic, OPEC said in a statement.
“Market development” will be reassessed in December. The agreement envisages postponing the deadline for limiting the amount of production from April 2022 to the end of 2022.
The conflict between Saudi Arabia and the United Arab Emirates (UAE), the world’s largest oil exporter, reportedly stalled OPEC + talks in early July on further easing of production restrictions.
OPEC +, which also includes Russia, has been gradually increasing production volumes since May, which were sharply reduced when demand fell sharply as a result of the Covid-19 pandemic.
A compromise was reached on Sunday, agreeing to review the quotas of the UAE and several other countries in May next year, increasing their relative production.
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