On the 1st of June 2021, the Joint
Ministerial Meeting of OPEC and its allies, OPEC, + agreed to extend its
April-2021 commitment to ease production constraints that’ll see OPEC+ states
boost output by 2mbpd from May to July 2021. Following the outbreak of the
pandemic, OPEC+ members had to adhere to various output adjustments in the face
of aggregate demand and supply shocks.