OPEC+ agreed to a gradual production increase, but did not agree on a sharp increase. Currently they agreed to raise oil output by 400,000 barrels per day (bpd) from December, but not more. The US had pressed for a sharper rise in production. The OPEC basket price was at $81.6 / barrel, which was $66.08 on 19th August 2021.
Oil producers are using this opportunity to gain lost revenue, which occurred due to the COVID pandemic, which reduced demand.
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