OPEC+ agree to boost oil output from August
The OPEC+ coalition has agreed to increase its collective crude oil production by up to 400K b/d each month through till the end of next year, putting an end to a two-week impasse after the group failed to reach a unanimous decision during the previous Joint Ministerial Monitoring Committee (JMCC) meeting earlier this month, Argus reports. The United Arab Emirates (UAE) had previously rejected the proposal to extend output curbs, which were originally due to expire in April 2022, unless its production baseline was revised up from 3.17M b/d to 3.84M b/d. In order to reach a compromise, the group has agreed to adjustments from the 1st May 2022, where the UAE will have its baseline increased to 3.5M b/d. Adjustments have also been offered to Kuwait, Iraq, Russia and Saudi Arabia.