After two weeks of stalemate, OPEC + agreement finally ushered in good news. OPEC + officials issued a statement on Sunday, July 18, saying that the major oil producing countries had reached a preliminary agreement.

In this latest plan, OPEC + will increase its total production by 400000 B / D per month from August 2021 until it completely withdraws from the production reduction of 5.8 million B / D (expected to be September 2022). In contrast to the plan at the beginning of this month, OPEC + planned to expand the supply of 400000 barrels per day per month from August to December this year, with a total increase of 2 million barrels per day.