The Organization of the Petroleum Exporting Countries and its allied group of leading oil producers headed by Russia, aka OPEC-plus, on Sunday reached a deal to further boost production through the end of the year and into 2022. The member countries, led by Saudi Arabia, committed to bringing back all the crude supply they had collectively cut at the onset of the pandemic in 2020.

OPEC

The OPEC-plus countries also agreed to extend their alliance through at least next year. 

The deal includes a plan to raise output by about 400,000 b/d each month from August to December. This would come on top of adding more than 2 million b/d into the global market between May and the end of this month. In total, including previous increases, the cartel will have boosted output by about 4 million b/d...