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Xinhua News Agency reported on July 18 in Vienna that the 19th ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries was held on the 18th in video format.
The participating countries reached an agreement on gradually increasing production from August this year
.
According to the agreement reached by OPEC and non-OPEC oil-producing countries in April 2020, the current scale of production cuts at this stage is an average of 5.
8 million barrels per day
.
OPEC issued a press release after the meeting, stating that participating OPEC and non-OPEC oil-producing countries agreed to increase their total output by 400,000 barrels per day from August this year until the phasing out of the 5.
8 million barrels per day cut; participating countries Monthly meetings will continue to be held to assess market conditions and determine the production level for the next month, and strive to end production cuts by the end of September 2022
.
The communiqué pointed out that with the acceleration of the new crown vaccination, the economy in most parts of the world continues to recover, the fundamentals of the oil market continue to improve, there are obvious signs of growth in oil demand, and the national oil inventory of the Organization for Economic Cooperation and Development has fallen
.
The meeting decided to hold the 20th ministerial meeting between OPEC and non-OPEC oil-producing countries on September 1 this year
.
The participating countries reached an agreement on gradually increasing production from August this year
.
According to the agreement reached by OPEC and non-OPEC oil-producing countries in April 2020, the current scale of production cuts at this stage is an average of 5.
8 million barrels per day
.
OPEC issued a press release after the meeting, stating that participating OPEC and non-OPEC oil-producing countries agreed to increase their total output by 400,000 barrels per day from August this year until the phasing out of the 5.
8 million barrels per day cut; participating countries Monthly meetings will continue to be held to assess market conditions and determine the production level for the next month, and strive to end production cuts by the end of September 2022
.
The communiqué pointed out that with the acceleration of the new crown vaccination, the economy in most parts of the world continues to recover, the fundamentals of the oil market continue to improve, there are obvious signs of growth in oil demand, and the national oil inventory of the Organization for Economic Cooperation and Development has fallen
.
The meeting decided to hold the 20th ministerial meeting between OPEC and non-OPEC oil-producing countries on September 1 this year
.
