OPEC+ has recently agreed to gradually add more oil supplies to the market, ending a two-week spat between Saudi Arabia and the United Arab Emirates.
Daily Current Affairs Quiz 2021
The agreement means the cartel will boost output by 400,000 barrels a day each month from August, continuing until all of its halted output has been revived.
The Organization of the Petroleum Exporting Countries is an intergovernmental organization or cartel of 13 countries. OPEC+ is an amalgamation of OPEC and 10 other oil-exporting nations such as Russia and Kazakhstan.
OPEC maintained a constant rate of oil production. OPEC+ came into existence in late 2016 as a means for the top oil-exporting nations to exert control over the price of the precious commodity.
