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OPEC+ finally agree to boost output

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By Audrey Lotechukwu

SUN 18 JULY, 2021-theGBJournal- OPEC+ members rose from their meeting today agreeing to adjust upward their overall production by 0.4 mb/d on a monthly basis starting August 2021 until phasing out the 5.8 mb/d production adjustment.

Members were able to reach the agreement after the resolution of dispute between the UAE and Saudi Arabia on baseline amendment. UAE delayed a deal earlier this month as it demanded a higher production quota.

Members also agreed to adjust, effective 1st of May 2022, the baseline for the calculations of the production adjustments.

OPEC+ last year cut production output by about 10 million barrels amid coronavirus pandemic induced demand and price drop.

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