Oil production will increase by about half this summer due to OPEC+ agreement

The oil cartel OPEC (Organization of Petroleum Exporting Countries) and its allies, together OPEC+, have agreed to further increase oil production in the coming months. This is an increase of about 50 percent, or 648,000 barrels per day in the months of July and August. This is evident from a statement after the monthly meeting of the cartel. In recent months, up to 432,000 barrels have been pumped extra.

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