The Organization of Petroleum Exporting Countries and its supporters (OPEC plus) want to produce significantly more oil.
As the oil states announced on Thursday after an online meeting, production in July and August is to be increased by 648,000 barrels (159 liter barrels) per day.
Christian Siedenbiedel
Editor in Business.
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This is a significant increase compared to the previous path: In the past few months, production had increased by 432,000 barrels per day.
The release states that Russia continues to participate in the production agreements despite the announced EU embargo on Russian oil.
Recently, a report caused a sensation that Russia could be temporarily exempted from the cartel's funding goals because of Western sanctions.
But that doesn't seem to be happening now.
OPEC plus justified its decision with the end of lockdowns in important business locations and the seasonally increased demand from refineries.
Support against high energy prices?
It is still unclear how much free capacity the individual oil countries have in the short term;
especially Saudi Arabia and the United Arab Emirates should be able to promote more.
Western countries, above all the United States, have repeatedly demanded that the oil countries turn on the oil tap more to counteract the energy price shock and inflation.
The price of oil had fallen significantly from almost 125 dollars since Tuesday in the course of speculation about further developments;
after the decision, it increased on Thursday to at times a good 117 dollars a barrel for the North Sea variety Brent.