The Organization of the Petroleum Exporting Countries (OPEC) and allied producer nations, collectively known as OPEC+, agreed to increase output (NYT) beginning in August after a previous attempt at an agreement failed because of a dispute between Saudi Arabia and the United Arab Emirates. The new deal will increase global oil supply by around 2 percent by the end of the year.
This Backgrounder looks at OPEC’s role in a changing world.
