OPEC+ may add about two million barrels per day

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Reuters reported today, Thursday, that the OPEC + group is moving towards adding about two million barrels per day of oil to the market from August to December .

Reuters quoted a source in "OPEC +" as saying that "the monthly increases may amount to at least 0.5 million barrels per day ."

He added that "Saudi Arabia and Russia, the largest producers in the "OPEC +" alliance, have initially reached an agreement to increase oil production as of August."

Oil prices continued their gains thanks to the news, while benchmark Brent crude is trading at $76 a barrel, near the highest level in two and a half years .

Sources said earlier that the "OPEC +" ministers will meet at a later time to decide on production policy, starting in August, and they may also consider extending the group's comprehensive agreement to restrict supplies beyond April 2022 .

In order to face the severe damage to oil demand due to the Covid-19 crisis, “OPEC +” agreed last year to reduce production by approximately ten million barrels per day as of May 2020, provided that these restrictions end at the end of April 2022 the reduction is currently about 5.8 million barrels per day .

Earlier, a confidential report seen by "Reuters" stated that a committee of "OPEC +" warned of "great uncertainty" and the risk of a possible disruption to the global oil market after April 2022.