New York (CNN) OPEC+ agreed to increase oil production Sunday, as demand roars back and prices surge, ending a dispute between the United Arab Emirates and Saudi Arabia. Oil prices soared about two weeks ago after major producers, including Saudi Arabia and the UAE, fell out over plans to increase production in the face of rising global demand. Now the group is raising overall oil production by 400,000 barrels per day on a monthly basis, starting in August, according to a statement. In December, the oil producers will assess market developments and participating countries' performance and move forward from there. The new deal is set to undo the production cuts that OPEC+ made at the start of the pandemic, signaling an eventual return to pre-pandemic production levels.

Source: CNN July 18, 2021 17:37 UTC