The Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed Sunday to further relax curbs on oil production in the face of rising demand and soaring prices.
Under the deal, announced following a virtual meeting of OPEC+ energy ministers, production will rise by 400,000 barrels a day each month beginning in August and would eventually undo all of the curbs put in place last year in response to the COVID-19 pandemic.
The discipline of OPEC+ members has been cited as a major driver in the recovery of crude oil prices. Brent crude BRN00, -0.79%, the global benchmark, settled Friday at $73.59 a barrel, logging a weekly fall but up 42% year to date. The most actively traded Brent contract dipped below $16 a barrel in April 2020.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WSJ News Exclusive | OPEC+ Countries Agree to Boost Production Until End of September 2022OPEC and a group of allied oil producers led by Russia are expected to meet today, when delegates hope to agree to a deal to unleash millions of barrels of oil they bottled up at the start of the pandemic
Read more »
OPEC, allies reach 'full agreement' after production spatDUBAI, United Arab Emirates (AP) — The energy minister of the United Arab Emirates said Sunday that OPEC and allied countries have reached a “full agreement” after an earlier dispute that roiled oil prices.
Read more »
Pilgrims head to Mecca for second downsized Hajj amid pandemicSaudi Arabia's Hajj ministry says it is working on the 'highest levels of health precautions' as pilgrims begin performing the 'tawaf', the circumambulation of the Kaaba in Mecca's Grand Mosque.
Read more »
Novak says Russia to raise oil output in H2Russian Deputy Prime Minister Alexander Novak said on Sunday that Russia will raise its oil output in the second half of the year thanks to the new deal agreed by the OPEC+ group of leading oil producing countries to increase their total production.
Read more »
The Best Face Washes for Oily Skin, According to DermatologistsThough you may be tempted to opt for a cleanser that will obliterate all of the oil from your pores, dermatologists warn that overly-harsh cleansers actually encourage more oil production
Read more »