The Organization of Petroleum Exporting Countries (OPEC) announced in a statement that the world's major black gold producers agreed to continue to increase production modestly from August, after the UAE disrupted an agreement earlier this month.

And OPEC said in its statement that the agreement stipulates that the “OPEC Plus” alliance of 23 countries will raise production by 400,000 barrels per day every month, starting in August, to help advance the global economic recovery as the epidemic recedes.

It added that the alliance would "evaluate market developments" in December.

The agreement also extends the deadline for capping production from April 2022 to the end of the same year.

The major oil-producing countries in the world held their virtual meeting, which observers had originally expected to lead to an agreement on a slight increase in production, starting in August, after the United Arab Emirates disrupted an agreement earlier this month.

Days of negotiations between members of the "OPEC Plus" alliance - the Organization of Petroleum Exporting Countries (OPEC) and its partners - to continue easing production cuts reached a dead end early in July, exposing a rift between Saudi Arabia, the world's largest oil exporter, and the UAE. .

In a rare defiance of Saudi Arabia, the UAE criticized the previous proposed agreement as "unfair".

The alliance, which includes 23 countries, including Russia, began gradually raising oil production since May, after reducing it more than a year ago, when the Covid-19 pandemic caused a collapse in demand.

Sunday's agreement included delaying the deadline for setting a production ceiling from April 2022 to the end of 2022.


'close deal'

The "OPEC Plus" meeting began shortly after 10:00 GMT, according to the Vienna-based organization's General Secretariat, provided that a press conference will be held at 11:00.

Observers saw that setting a date for the press conference soon is an encouraging sign that an agreement is near.

“The OPEC Plus press conference was held at 1 pm Vienna time, just one hour after the start of the meeting, which indicates that an agreement is imminent, if not It had not already been agreed upon.

She had held a series of talks on Saturday to try to bridge the gap."

And "OPEC Plus" decided to withdraw 9.7 million barrels per day from the market and gradually restore supplies by the end of April 2022.

Reference oil prices rebounded as a result.

Competition Economic rivalry is at the heart of the dispute among OPEC member states, as Gulf states are trying to benefit from their vast oil reserves while facing the beginning of the end of the oil era.

Disagreements between Saudi Arabia and the UAE, which were close allies, are usually resolved behind closed doors and are rarely published.