Oil Producers Agree To Boost Production By 450,000 Barrels Per Day As Travel Picks Up

Oil Producers Agree To Boost Production By 450,000 Barrels Per Day As Travel Picks Up

Share to Linkedin Reflecting ongoing optimism over the economic recovery, the Organization of the Petroleum Exporting Countries (OPEC) and a group of Russia-led oil producers agreed Tuesday to increase oil output by 450, 000 barrels per day beginning next month, the Wall Street Journal reported, a modest uptick meant to temper higher oil demand as businesses continue to reopen and travel picks back up worldwide. Oil pumping jacks, also known as "nodding donkeys", operate in an oilfield near Neftekamsk, Russia. The output boost means producers will supply about 4 million more oil barrels per day than at the height of pandemic uncertainty in early 2020“”still far lower than the 9. 7 million additional barrels they were producing before the pandemic tanked oil demand, according to WSJ. The agreement by OPEC+, a group of producers led by Saudi Arabia and Russia, was largely expected after the group said in April it would raise output by more than 2 million barrels per day by July, and it marks a stark reversal from a bitter disagreement at the end of last year as members struggled to come to terms on expected oil demand. The price of U. S. oil benchmark West Texas Intermediate