Major oil producers maintained their plans for a small increase in production in August

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers held their 30th ministerial meeting by video on the 30th, and decided to maintain the original small production increase plan
in August this year.

OPEC said in a statement after the meeting that the meeting reaffirmed the production adjustment plan and monthly output adjustment mechanism approved by the 19th and 29th ministerial meetings, raising the monthly output in August by an average of 648,000 barrels
per day.

In April 2020, due to the impact of the new crown epidemic and other reasons, OPEC reached an agreement
to reduce production with non-OPEC oil producers, namely the "OPEC+" cooperation mechanism.
In July 2021, OPEC+ reached an agreement at its 19th ministerial meeting to gradually increase its monthly production every month from August of that year
, depending on market conditions.

At the beginning of June this year, "OPEC+" decided at the 29th ministerial meeting to divide the share of production increase in September this year evenly in July and August, so the production target of "OPEC+" in September this year and beyond has not been set
.

Recently, international crude oil prices have hovered
at a high of about $110 per barrel.
Major oil consuming countries have repeatedly urged OPEC+ to expand production increases to calm oil prices and ease inflationary pressures, but OPEC+ insists on implementing its modest production increase plan
.

The 31st ministerial meeting between OPEC and non-OPEC producers will be held
on August 3 this year.