The OPEC+ ministerial monitoring committee recommended at Thursday meeting that member-states increase crude production by 0.4 mln barrels per day each month from August to December, a source in OPEC told TASS, APA reports.
"Yes, by 0.4 mln barrels per day each month by the end of the year," he said.
Moreover, the committee recommended the extension of the oil output regulation agreement by the end of 2022.
Consequently, it is suggested that a total of 2 mln barrels per day will be brought back to the market in five months. That means OPEC+ nations will cut production by 3.7 mln barrels per day by the end of the year.