OPEC meetings sometimes drag on for days, but Prince Abdulaziz bin Salman, the Saudi oil minister, said during a news conference that Tuesday’s gathering had required less than half an hour. The rising price of oil probably didn’t hurt. Under the plan the group agreed to in April and confirmed at Tuesday’s meeting, the oil states will add 350,000 barrels per day in June and 441,000 barrels per day in July. Saudi Arabia will also continue to unwind the one million barrels a day in voluntary cuts it announced earlier this year. The Saudis plan to produce 350,000 barrels a day in June and 400,000 barrels a day more in July on top of the other states’ expansions.

Source: New York Times June 01, 2021 12:00 UTC