WORLD OPEC+ agrees oil supply boost from August: statement


OPEC+ agrees oil supply boost from August: statement


21:16, July 18, 2021

OPEC+, the world's leading oil producers, agreed on Sunday to boost oil supply from August and extend an overall supply management pact until the end of 2022, according to a statement published after the conclusion of the 19th OPEC and non-OPEC ministerial meeting.

File photo: CFP

The agreement sees the 23-member OPEC+ grouping raise output by 400,000 barrels per day (bpd) each month from August, the statement said, to help fuel a global economic recovery as the pandemic eases.

"Adjust upward their overall production by 0.4 mb/d on a monthly basis starting August 2021 until phasing out the 5.8 mb/d production adjustment, and in December 2021 assess market developments and Participating Countries' performance," the statement said.

(With input from agencies)

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