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2021-07-22 03:20:53 GMT2021-07-22 11:20:53(Beijing Time)  VALLETTA, July 21 (Xinhua) Global oil demand is rising following an accelerated vaccination campaign and an economic recovery, pushing oil prices to two-and-a-half-year highs amid an output deficit. Although an agreement for more output reached among the Organization of the Petroleum Exporting Countries (OPEC) and its allies on July 18 is expected to calm rising oil prices, concerns for a further climb in the coming months or longer remain, which would dampen a global recovery from the COVID-19 pandemic. RISING OIL OUTPUT OPEC together with non-OPEC countries, known as OPEC Plus, agreed to boost oil production by 400,000 barrels per day (bpd) each month from August until December this year as demand increases.

Malta generalUnited statesSaudi arabiaUnited arab emiratesCity ofUnited kingdomNorth seaOceans generalPhil flynnOrganization for economicInternational energy agencyOrganization of the petroleum exporting countriesYork mercantile exchangeUnited price futures groupOil associatesCredit suisse