Opec+ meets to agree oil supply boost as prices rise

July 19, 2021 Business
OPEC+ ministers will meet on Sunday in another attempt to agree a quick oil supply boost to address soaring oil prices as the global economy recovers from the coronavirus pandemic. 

The group, which includes OPEC countries and allies like Russia, had earlier this month failed to resolve disagreement over a new output policy between Saudi Arabia and the United Arab Emirates (UAE).

OPEC+ last year agreed record output cuts of almost 10 million barrels per day (bpd) to cope with a pandemic-induced slump in demand and gradually relaxed them to about 5.8 million bpd.

The group had planned to ease the reduction by a further 2 million bpd from August until December 2021 because oil prices have climbed to 2-1/2 year highs.

An OPEC+ source told Reuters on Sunday key OPEC+ producers had already reached a preliminary deal on gradually raising oil output until December 2021 and extending their overall pact until the end of 2022, but some details have yet to be agreed.
Source: https://www.thedailystar.net

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