OPEC and its allies led by Russia agreed to gradually withdraw COVID-19 related production cuts by September 2022.
Background
In April 2020, the OPEC+ group had entered into a two-year agreement which entailed steep cuts in crude oil production to deal with a sharp fall in the price of crude oil as a result of the COVID-19 pandemic.
In April 2020, the price of Brent crude hit an 18-year low of under $20 per barrel as economic activity around the world came to a standstill as countries dealt with the COVID-19 pandemic.
