The New Paper

December 4, 2020

Opec and Russia agree to start increasing oil production

OPEC and Russia agreed to increase oil production by 500k barrels per day starting in January. The decision follows historic production cuts (of 10M barrels per day) earlier this year, which were driven by decreasing demand amid the ongoing coronavirus outbreak. Oil prices increased slightly yesterday on the news but remain down over 25% so far this year.
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This story is from the December 4, 2020 edition of The New Paper – a clear, concise daily briefing that makes fact-first news easy to consume. Try it today.