The oil cartel Opec and its partner countries (Opec +) have agreed on a significant increase in oil production in view of the global economic recovery.
From August, the oil alliance will increase its daily production by 400,000 barrels (159 liters each) a month, Opec announced on Sunday after an online ministerial meeting.
The dispute between Saudi Arabia and the United Arab Emirates, where an agreement failed two weeks ago, is now off the table.
The United Arab Emirates had insisted on a higher production quota for themselves.
At the same time, it was agreed to analyze the development in more detail again in December 2021.
The consequences for those who buy heating oil and for drivers are still difficult to foresee. Fuel is now as expensive as it was last in autumn 2018. Compared to summer 2020, which was shaped by the Corona crisis, fuel costs a good 20 percent more.