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Opec confirms plans to increase oil output as global economy recovers

The Opec and allied producing countries have confirmed plans to restore 2.1 million barrels of crude per day of oil output, balancing fears that continuing COVID-19 outbreaks in some countries

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Saudi foreign minister meets UK business secretary

RIYADH: Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan met the UK Business Secretary Kwasi Kwarteng in Riyadh on Tuesday. They reviewed aspects of the strategic partnership between the two countries and discussed opportunities to enhance cooperation and joint coordination to serve their interests, the Kingdom’s Foreign Ministry said. They also “touched on the

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OPEC to increase oil output as global economy recovers

FRANKFURT, Germany (AP) The OPEC oil cartel and allied producing countries have.

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OPEC increasing oil output as economy rebounds

© Getty Images The Organization of the Petroleum Exporting Countries (OPEC) is increasing its oil output as economies around the world begin to rebound from the coronavirus pandemic, according to a press release on a Tuesday ministerial meeting. “The Meeting noted the ongoing strengthening of market fundamentals, with oil demand showing clear signs of improvement and [Organisation for Economic Co-operation and Development] stocks falling as the economic recovery continued in most parts of the world as vaccination programmes accelerated,” the OPEC release states. OPEC members plan to begin producing 2.1 million barrels of crude production per day as travel grows in and among countries where coronavirus restrictions are being lifted.

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OPEC and its allies still plan gradual oil production increase as pandemic eases

A roundup of business news from around the world.

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