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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

OPEC+ Agrees Oil Supply Boost

A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs.

The group crucially agreed new production allocations from May 2022. The overall adjustment will add 1.63 million bpd to supply from May next year, according to Reuters calculations.

From August until December 2021 the group will increase supply by a further 2 million bpd or 0.4 million bpd a month, OPEC said in a statement.

OPEC+ last year cut production by a record 10 million barrels per day (bpd) amid a pandemic-induced slump in demand and collapsing prices. It has gradually reinstated some supply to leave it with a reduction of about 5.8 million bpd.

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