oil production

    • OPEC+ agrees to increase oil production

      OPEC+ agrees to increase oil production

      The oil cartel OPEC and its partner countries, collectively called OPEC+, have agreed on a significant increase in oil production in view of the recovery of the global economy, news wires reported. Starting in August, the oil alliance will increase its daily production by 400,000 barrels per month, the members announced on Sunday after an online ministerial meeting.

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    • UAE opposes a plan by OPEC and allies to extend deal on production cut

      UAE opposes a plan by OPEC and allies to extend deal on production cut

      The United Arab Emirates on Sunday pushed back against a plan by the OPEC oil cartel and allied producing countries to extend the global pact to cut oil production beyond April 2022, news wires reported.  The Emirati Ministry of Energy called the proposal to extend the agreement for the entirety of 2022 without raising its production quota “unfair to the UAE,” according to state-run WAM news agency.

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