Oil: OPEC Plus group pledges to increase production after dispute between Saudi Arabia and United Arab Emirates



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oil production

published photo, JOE RAEDLE

The world’s major oil producers have agreed to increase production, with the aim of easing pressures on the global economy, which is suffering under the weight of the Corona epidemic.

The “OPEC Plus” group, which includes 23 countries, failed to reach an agreement earlier this month amid a dispute between Saudi Arabia and the United Arab Emirates.

At Sunday’s meeting, “OPEC Plus” agreed to increase production by 400,000 barrels per day each month, starting in August, to help advance the global economic recovery.

A statement released after the meeting said the group would “assess developments in the market” in December.

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