OPEC+ ministers have agreed to raise production limits beginning next month. The group announced on Sunday that production limits would be raised for Iraq, Kuwait, Russia, Saudi Arabia and the UAE, going up slowly from next month through the end of 2022.
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An OPEC+ meeting that had been set for July 5 was canceled over a dispute between the United Arab Emirates and Saudi Arabia over limits on how much oil can be produced.
OPEC+ had cut production last year by 10 million barrels per day due to the coronavirus pandemic.