The group hopes to end all pandemic-era production cuts by September 2022.
In hopes of quelling rising oil demand, the group of international oil producers known as the Organization of the Petroleum Exporting Countries agreed on Sunday to boost oil production beginning next month, ending a weeks-long standoff that helped push oil prices to a nearly three-year high. Oil prices recouped all their pandemic losses by March, and they’ve surged roughly 20% higher since. OPEC will meet again on September 1 to assess market conditions and decide whether there should be any production level adjustments for October.
