Opec+ agree to keep boosting oil output

opec output oil group boost
Gulf
  • Date: 07/19/2021
  • Source: Times of…
  • Sector: Oil & Gas
  • Country: Gulf

Opec+ agree to keep boosting oil output

Vienna: Opec+, the world's leading oil producers, have agreed on Sunday to extend a slight boost in output. The 23-member group, which also includes Russia, is now set to boost output by 400, 000 barrels per day each month, starting with August. It all follows their prior agreement this spring, when they chose to boost oil output bit by bit starting in May, after having slashed it more than a year ago when the pandemic caused demand in crude to plummet. Sunday's decision was made in order to help fuel a global economic recovery, the Vienna-based group said in a statement. The COVID-19 pandemic has eased in many industrialized nations. Opec+ announced that Iraq, Kuwait, Russia, Saudi Arabia and the UAE would see their production limits rise. Saudi Energy Minister Abdulaziz bin Salman, who chairs the OPEC group, declined to provide specifics on how this decision was reached. The deal also extends a deadline on capping output from April 2022 to the end of 2022. Saudi Arabia praises 'bond' with UAEThe Opec+ announcement comes after reported tensions between Saudi Arabia and the UAE prompted a deadlock in talks. The UAE had wanted to increase its own production, causing them to…