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OPEC +" oil production reduction agreement will be extended to 2022
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Russia's "businessman" reported on July 18 that "OPEC +" Member States agreed to extend the oil production reduction agreement until December 31, 2022. The daily oil production quantity will increase by 400000 barrels from August until the quarantine restrictions on the epidemic are lifted. It is planned to evaluate the market situation and the situation of member states in December.

In addition, "OPEC +" Member States agreed to increase the basic production level of some countries. The daily quota of Russia and Saudi Arabia will increase from 11 million barrels to 11.5 million barrels, and that of the United Arab Emirates will increase from 3.1 million barrels to 3.5 million barrels.