Business & Economy

OPEC+ to increase output throughout 2021

Vienna, Jul 18 (EFE).- Oil ministers from the Organization of the Petroleum Exporting Countries and their allies led by Russia on Sunday agreed to increase output over the upcoming five months to reach an additional 2 million barrels per day in December.

The new strategy will come into force in August with a monthly rise of 400,000 bpd until December, the OPEC secretary said in a statement.

The ministers of OPEC+ also agreed to extend until the end of 2022 an agreement that set an initial production cut of 9.7 million bpd in 2020 to tackle a drop in the oil prices.

In terms of future production quota, OPEC+ agreed on a slight revision that will benefit certain members, specifically Russia, Saudi Arabia, the United Arab Emirates, Iraq and Kuwait.

The OPEC+ ministers are to meet next on 1 September, according to the statement. EFE


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