Wednesday, August 4, 2021

Oil: The OPEC Plus group agrees to increase production after a dispute between Saudi Arabia and the UAE

36 minutes ago

picture released, JOE RAEDLE

The world’s major oil producers agreed to increase production, in a move aimed at easing pressures on the global economy, which is suffering under the weight of the Corona epidemic.

The “OPEC Plus” group, which includes 23 countries, had failed to reach an agreement earlier this month amid a dispute between Saudi Arabia and the UAE.

At Sunday’s meeting, “OPEC Plus” agreed to increase production by 400,000 barrels per day each month, starting in August, to help advance the global economic recovery.

A statement issued after the meeting said the group would “evaluate market developments” in December.

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