OPEC and allies target full end to oil production cuts by September 2022, increase supply limits as prices climb

CNBC

By Natasha Turak

PUBLISHED SUN, JUL 18 20218:01 AM EDTUPDATED 2 HOURS AGO

DUBAI, United Arab Emirates — The Organization of Petroleum Exporting Countries (OPEC) and its non-OPEC allies reached a deal Sunday to phase out 5.8 million barrels per day of oil production cuts by September 2022 as prices of the commodity hit their highest levels in more than two years.

Coordinated increases in oil supply from the group, known as OPEC+, will begin in August, OPEC announced in a statement.

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