Dubai: The efforts of the Government of India to provide relief from expensive petrol and diesel are finally starting to show color. OPEC and allies signed a plenary agreement on Sunday to increase crude oil production by five OPEC/non-OPEC countries from August. Earlier, the dispute between these countries had affected oil prices.
The oil production limits of Iraq, Kuwait, Russia, Saudi Arabia and the UAE will increase, said a statement issued on Sunday after an online meeting of the Organization of the Oil Producing and Exporting Countries (OPEC) and its partner producing countries. Russia is an ally of OPEC. OPEC countries said its output would be increased by 400,000 barrels per month from August and thus the currently applicable 5.8 million barrels/daily shortfall would gradually end by the end of 2022.
Following the online meeting, United Arab Emirates (UAE) Energy Minister Suhail-al-Mazrouei informed media persons that a full agreement would be reached. However, he did not immediately provide details. But Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman would have said there would be adjustments between the groups on production limits. Later in the statement of OPEC, it was agreed to increase the production level of the five countries.