OPEC, allies agree to boost oil output

The Organization of Petroleum Exporting Countries (OPEC) and its NON-OPEC allies have reached a deal to phase out 5.8 million barrels per day (bpd) of oil production cuts by September 2022 as prices of the commodity hit their highest levels in more than two years. Coordinated increases in oil supply from the group will begin in August. Overall production will increase by 400,000 bpd on a monthly basis from that point onwards. The International Energy Agency estimates a 1.5 million bpd shortfall for the second half of this year, indicating a tight market despite the gradual OPEC supply boost.