OPEC, Russia-Led Producers Agree to Pump More Oil

The agreement among producers comes as reopened economies increase demand for oil.



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joe klamar/Agence France-Presse/Getty Images

A group of oil producers led by Saudi Arabia and Russia agreed to continue unwinding steep cuts they made at the start of the pandemic, according to people familiar with the discussions, as economic reawakenings around the world boost demand for crude and an assortment of other commodities.

OPEC-plus, as the group of producers calls itself, agreed Tuesday to a previously planned output increase of about 450,000 barrels a day, starting next month, according to these people. Saudi Arabia, meanwhile, agreed to continue easing separate, unilateral cuts of one million barrels a day that it put in place earlier this year, these people said.

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