Oil Producing Nations Agree Deal to Control Prices
Written by crest887fm on July 19, 2021
Oil producing nations have agreed to increase their output, with the aim of reducing prices and easing pressure on the world economy.
The Opec cartel and partners such as Russia will boost supply from August after prices climbed to two-and-half-year highs during the pandemic.
The move should have an impact on petrol prices at the pump, which have ‘ll rocketed.
The price of Brent crude oil is up 43% this year to almost $74 a barrel.
Last year, Opec and its partners cut production by a record 10 million barrels per day (bpd) amid a pandemic-induced slump in demand and collapsing prices.
However, this year the price of oil has surged as economies have reopened, contributing to rising inflation in some countries and threatening to put the brakes on the global recovery.