After having derailed the agreement at the beginning of July, the United Arab Emirates obtained an increase in their production quota from next May. The thirteen member countries of OPEC and their ten allies have agreed on an increase of 400,000 barrels per month in their oil production from August until September 2022.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and their ten allies led by Russia finally reached an agreement on Sunday on a gradual increase in their crude production, extending the OPEC + agreement until December 2022. They agreed to gradually loosen the production constraints they had imposed on themselves last year to stem the fall in oil prices following the pandemic. In detail, they plan to raise their production levels by 400,000 barrels per day each month from August until September 2022, said an OPEC press release.