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Oil jumps to two-year high as OPEC and allies reconfirm gradual production increase

June 1, 2021

Via: NBC News

A group of some of the world’s most powerful oil producers agreed on Tuesday to continue gradually easing production cuts amid a rebound in oil prices.

OPEC and its oil-producing allies, known as OPEC+, will boost output in July, in accordance with the group’s April decision to return 2.1 million barrels per day to the market between May and July.

Production policy beyond July was not decided on, and the group will meet again on July 1.

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