Dubai: The Government of India's efforts to provide relief from expensive petrol and diesel are finally beginning to show colour. Opec and allied countries reached a full agreement on Sunday to increase crude oil production by five OPEC/non-OPEC countries from August. Earlier, oil prices were affected by the dispute between these countries.

A statement issued on Sunday after an online meeting of the Organization of Oil Producing and Exporting Countries (OPEC) and its fellow producing countries said that the oil production limits of Iraq, Kuwait, Russia, Saudi Arabia and UAE will increase. Russia is an ally of OPEC. OPEC countries said its production will be increased by 400,000 barrels per month from August and thus the reduction of 5.8 million barrels/daily currently in force will gradually end by the end of 2022.

After the online meeting, Uae (UAE) Energy Minister Suhail-al-Majrui had informed media persons that a full consensus would be reached. However, he did not give the details immediately. But Saudi Arabia's Energy Minister Shahzada Abdulaziz bin Salman must have said that there will be adjustments between the group on the production limit. Later, opec's statement agreed to raise the production levels of five countries.

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