FirstFT: OPEC and its allies reach agreement to increase oil production


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Opec and its allies have reached an agreement to increase oil production in response to the spike in prices, and set a goal for the end of 2022 to restore all production cut during the first days of the pandemic.

Initially, Opec + will pump an additional 400,000 barrels per day each month from August, increasing production by about 2 million barrels per day in total by the end of the year.

These monthly production increases will continue next year, with Opec + claiming to have extended the deal until December 2022 from April 2022. The outcome of the long-delayed meeting is expected to mean higher oil production from members. in the coming months, after the supply pushed oil prices to the highest level in three years.

But the modest pace of increased production is a sign of continued concern about the strength of the global recovery as variants of Covid-19 continue to emerge. It also suggests that oil producers are relatively comfortable with the current price of crude.

Five other articles in the news

1. The Delta variant settles in developing countries The Delta coronavirus variant, which has quickly become dominant in much of the world, is taking a heavy toll on dozens of developing countries, where immunization levels are insufficient to prevent an increase in cases from becoming a wave of deaths .

2. Pentagon drones “8 to 14 times” more expensive than banned Chinese devices
Camera drones developed by the Pentagon are more expensive and less efficient than the Chinese-made ones they were supposed to replace, according to an internal US government memo seen by the Financial Times.

3. The pandemic robs Asian garment workers of nearly $ 12 billion in wages
Asian garment workers have been deprived of nearly $ 12 billion in wages and severance pay as international retailers canceled orders and demanded price cuts in the wake of the pandemic, advocacy group says labor rights.

4. China markets the remains of the Angbang empire Anbang’s remains in China were valued at more than $ 5.2 billion in state controllers’ latest attempt to disband the once high-profile group led by jailed tycoon Wu Xiaohui.

5. Tokyo Stock Exchange chief defends progress in corporate governance Tokyo Stock Exchange chairman defended Japan’s progress on corporate governance following a high-profile scandal at Toshiba, dismissing accusations that the market overhaul scheduled for next year has been largely watered down .

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The day to come

Earnings IBM will release its results today after the US markets close.

Reopening day in isolation British Prime Minister Boris Johnson began self-isolating on Sunday 10 days after coming into contact with his Minister of Health, Sajid Javid, who tested positive for Covid-19. Johnson is still moving forward with his reopening plan which goes into effect today.

What else do we read

Olympic hope A 21-year-old Japanese swimmer has established himself as a rallying point for the organizers of the 2021 Olympics. Rikako Ikei, who was due to miss the 2020 Olympics due to a battle with leukemia, has the chance to attend postponed matches and generate excitement for the polarizing event.

  • Notice: Japan’s battle against “blatant rule violation” at the 2021 Olympics is hampered by the government’s lack of credibility, writes Leo Lewis.

Rikako Ikei, who was diagnosed with leukemia in 2019, at the Japan National Swimming Championships in April 2021 © Charly Triballeau / AFP via Getty Images

Floods push climate to the heart of German elections With just over two months to go to election day, the devastating floods that swept through western Germany this week catapulted climate change to the heart of the country’s election campaign.

Inflationary fears are exaggerated The first signs of price increases reflect more of a predictable increase in animal spirits after the lockdown than any long-term trend, writes Rana Foroohar.

© Matt Kenyon

Poor workers have nowhere to hide Do mediocre workers thrive more when they work from home or when they are in the office? While some employers doubt the motivations of staff who prefer remote work, some argue that it’s easier to identify staff who add the most value when a team is working remotely.

Food drink

How Eritrean cuisine came to Leeds Six young women who fled their country as children share recipes from home.

Elsa Asmara is holding a dish of gomen besiga © Maryam Wahid

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