The world's largest oil exporter OPEC, together with its allies, has agreed to increase oil production limits against five countries next year and boost production by two million barrels per day by the end of this year.
This milestone has been reached as the world begins to recover economically from the coronavirus epidemic.
After a video conference on Sunday, the members announced that Iraq, Kuwait, Russia, Saudi Arabia, and the United Arab Emirates would be allowed to increase their rates.
This means that the dispute between Saudi Arabia and the United Arab Emirates (UAE), which has hampered the process of reaching an agreement, has now been resolved.
The two countries have agreed to reconsider the controversial issue at another summit in December.
