Oil retreats after OPEC+ seals pact to loosen the taps into 2022

The oil price retreats after OPEC and its allies on Sunday agreed to boost oil production into 2022, adding millions of barrels of crude oil to the market. The alliance will continue to hold talks every month from September.

Photo: Ahmed Jadallah/Reuters/Ritzau Scanpix

Oil declined after OPEC+ agreed to boost production into 2022, resolving a bitter internal dispute that had shaken the alliance with a pledge to restore millions of barrels of crude output to the energy market.

Global benchmark Brent shed more than 1 percent, while West Texas Intermediate fell. The Organization of Petroleum Exporting Countries and its allies will add 400,000 barrels a day each month from August until all its halted output has been revived. The deal also gives Saudi Arabia, the UAE, Iraq, Kuwait and Russia higher baselines against which their cuts are measured from May 2022.

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