OPEC+ agrees to increase oil production by 400,000/bpd

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The oil cartel announced the new development as economies pick up and crude demand recovers across the globe.

In a statement issued at the end of the 19th OPEC and non-OPEC ministerial meeting on Sunday, the oil cartel said the new adjustment will take effect from August until December 2021.

“Extend the decision of the 10th OPEC and non-OPEC Ministerial Meeting until the 31st of December 2022.

 

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