Now the group is raising overall oil production by 400,000 barrels per day on a monthly basis, starting in August, according to a statement. In December, the oil producers will assess market developments and participating countries’ performance and move forward from there.
The new deal is set to undo the production cuts that OPEC+ made at the start of the pandemic, signaling an eventual return to pre-pandemic production levels.
Oil prices crashed last spring when the world came to grips with the reality of the health crisis. Prior to Sunday’s agreement, OPEC+ has only gradually added back production that it aggressively cut during last year’s oil crash.
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