It seems that the decision to allow more oil to flow at the free market wasn’t an easy one for the oil-producing countries.Some verbal skirmishes were reported as Angola and Nigeria, presumably, protested against the low quotes. As a result some common solution was reached.
OPEC Oil cartel and its allies such as Russia will gradually increase oil production from August. Earlier this year, OPEC +, as the group is called, cut production even further due to the sharp fall in oil prices as oil demand was much less due to the corona crisis.
The decision was made at a video conference of OPEC and its allies and was already expected in the oil market. Indeed, there has been a lot of speculation recently that an increase in production was imminent, as oil demand picks up again and prices have risen recently.