OPEC+ member countries have agreed to produce more oil by the end of 2021.

At an online conference on July 18, OPEC+ ministers agreed to increase oil production by the end of 2021 by 0.4 million barrels per day from August. Therefore, the level of production in the world will be returned to the figure of two million barrels per day.

The increase was agreed upon by all countries of the organization. Meanwhile, until the end of 2022, they extended an agreement on the regulation of oil production, which limits production.