The meeting involved the 13 OPEC members and the so-called +10 under the leadership of Russia.
OPEC+ said in a statement:
- We noted the ongoing strengthening of market fundamentals, with oil demand showing clear signs of improvement
- The Meeting resolved to adjust upward overall oil production by 0.4 mb/d on a monthly basis starting August 2021 until phasing out the 5.8 mb/d production adjustment, and in December 2021 assess market developments and participating countries’ performance
It's slowly added some 4.2 million barrels back over time.
Russian Deputy Prime Minister Alexander Novak told Russia 24 after the meeting:
- Today we made a decision for the market to restore production to a pre-crisis level
- Russia will start increasing oil output by 100,000 barrels per day from August
- We will reach the pre-crisis level of production in May 2022