7/18, 1:24 PM (Source: TeleTrader)
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OPEC+ extends deal on oil output - report

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) are expected to extend the agreement on oil production until the end of 2022, Tass reported on Sunday.

Citing a source involved with negotiations, the publication stated that a deal has also been reached on the basic cut-off level, which will change for some countries. For Russia and Saudi Arabia, the base level will be increased by 0.5 million barrels per day (bpd) to 11.5 million barrels, while the United Arab Emirates will up its production from 3.17 million to 3.5 million bpd.

At the same time, the paper also stated that ministers of OPEC countries agreed to continue to restore oil production from August, with the aim of returning 2 million bpd to the market by the end of 2021. Lastly, by the end of the year, the oil production by the alliance countries is expected to be 3.7 million bpd, with countries increasing oil production by 400,000 bpd.

Breaking the News / OL