Oil producing nations have agreed a deal to control oil prices.
Under the new deal, OPEC (Organisation of Petroleum Exporting Countries) and partners have agreed to increase supply by a further 2 million barrels per day from August until December 2021 to help stabilise the market.
The OPEC cartel and partners, such as Russia, will boost supply after prices climbed to two-and-half-year highs during the pandemic
Russian Deputy Prime Minister Alexander Novak says as the demand for oil production is recovering, it is therefore very important for them to fulfil their responsibilities and allow a recovery of the world economy.