FirstFT: OPEC and allies reached an agreement to increase oil production

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OPEC and its allies Have reached an agreement Increase oil production in response to price spikes, and set a goal of resuming production cuts at the beginning of the pandemic by the end of 2022.

Initially, OPEC+ will extract an additional 400,000 barrels of oil per day from August, and the total output will increase by about 2 million barrels/day by the end of the year.

These monthly production increases will continue next year, and OPEC+ said it has extended the agreement from April 2022 to December 2022. The result of the long-delayed meeting should mean that after tight supply pushes up oil prices, the oil production of member states will increase to the highest level in three years in the next few months.

However, as Covid-19 variants continue to emerge, the slow production growth shows that people are lingering concerns about the strength of the global recovery. This also shows that oil producers are relatively satisfied with the current crude oil prices.

There are five more stories in the news

1. Delta variants have a place in developing countries Delta coronavirus variant Quickly become dominant Most parts of the world are causing serious losses to dozens of developing countries whose vaccination levels are insufficient to prevent a surge in cases from turning into a wave of deaths.

2. Pentagon drones are “8 to 14 times more expensive” than banned Chinese drones
The camera drone developed by the Pentagon is More expensive, less capable According to an internal US government memo read by the British “Financial Times”, they intend to replace products made in China.

3. The pandemic has reduced the wages of Asian garment workers by nearly US$12 billion
Asian garment workers have been Was deprived of nearly 12 billion U.S. dollars in wages According to a labor rights organization, severance payments were paid because international retailers cancelled orders and demanded price reductions after the pandemic.

4. China sells the remains of the Anbang Empire China Anbang Site Valued at more than 5.2 billion U.S. dollars The state controller recently tried to dissolve the once-superior group led by the imprisoned tycoon Wu Xiaohui.

5. The President of Tokyo Stock Exchange defended the progress of corporate governance Head of Tokyo Stock Exchange Defend Japan’s progress in corporate governance After Toshiba’s high-profile scandal, it refuted allegations that market reforms due next year were widely watered down.

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the day before

income IBM will release its earnings report today after the US market closes.

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  • View: Japan’s fight against “blatant breach of the rules” during the 2021 Olympics was hampered by the lack of credibility of the government, wrote Leo Lewis.

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© Matt Kenyon

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