OPEC and a group of allied oil producers led by Russia are expected to meet today, when delegates hope to agree to a deal to unleash millions of barrels of oil they bottled up at the start of the pandemic
OPEC and a group of allied oil producers agreed to boost production by 400,000 barrels a day through the end of 2022, according to people familiar with the deal, moving to restore capacity they cut at the start of the pandemic as crude demand comes back.
Earlier this month, the Organization of the Petroleum Exporting Countries and a Russia-led group of non-OPEC producers—together called OPEC+—came close to agreeing to a deal to boost output starting next month. That deal was held up after the United Arab Emirates refused to sign on unless it was allowed to pump more of its own crude inside the complex quota system of the group., paving the way for Sunday’s meeting and an official deal by the group to boost overall output.
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