{"id":563819,"date":"2021-07-25T04:00:22","date_gmt":"2021-07-25T04:00:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/opec-finally-reaches-an-agreement-to-raise-oil-supply\/"},"modified":"2021-07-25T04:00:22","modified_gmt":"2021-07-25T04:00:22","slug":"opec-finally-reaches-an-agreement-to-raise-oil-supply","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/opec-finally-reaches-an-agreement-to-raise-oil-supply\/","title":{"rendered":"OPEC+ finally reaches an agreement to raise oil supply"},"content":{"rendered":"

<\/a> OPEC+ finally reached an agreement last Sunday to gradually increase production until <\/strong>the end of 2022<\/strong>, according to the Financial Times<\/a>. From August until the end of next year, OPEC+ will add 400k barrels per day each month, extending the supply cuts to December 2022 instead of April. This will mean that an extra 6.8 mn bbl\/d will be added to the market by December 2022. The outcome of the long-delayed meeting guarantees more production in the coming months after tight supply led to a hike in prices. The UAE\u2019s production baseline, which was the main point of disagreement, will rise to 3.5 mn barrels per day from about 3.2 mn barrels per day. Saudi Energy Minister Prince Abdulaziz bin Salman said that the pact demonstrates the strength of the OPEC+ alliance.<\/p>\n

The agreement hasn\u2019t done much to depress prices:<\/strong> Brent fell almost 7% the day after the agreement was reported to below USD 68\/bbl for the first time since late May. Since then, the price has rebounded back above the pre-agreement level to USD 74.10.<\/p>\n

In other financial news worth knowing about:<\/strong><\/p>\n