Major oil producers maintain their original plan to increase output slightly in August

Xinhua News Agency, Vienna, June 30 (Reporter Liu Xinyu) The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries held the 30th ministerial meeting by video on the 30th, and decided to maintain the original plan to increase production slightly in August this year. plan.

OPEC issued a statement after the meeting, saying that the meeting reconfirmed the production adjustment plan and monthly production adjustment mechanism approved by the 19th and 29th ministerial meetings, and raised the monthly production 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 on oil demand, OPEC and non-OPEC oil-producing countries, the “OPEC+” cooperation mechanism, reached an agreement to reduce production. In July 2021, “OPEC+” reached an agreement at the 19th ministerial meeting, agreeing to gradually increase its monthly production monthly according to market conditions from August of that year.

At the beginning of June this year, “OPEC+” decided at the 29th ministerial meeting that the share of production increase in September this year will be equally distributed to July and August this year, so the “OPEC+” production target for September and after this year Undecided.

Recently, the international crude oil price hovered around $110 per barrel. Major oil consuming countries have repeatedly urged “OPEC+” to expand the scale of production increases to stabilize oil prices and ease inflationary pressures, but “OPEC+” insisted on implementing its moderate production increase plan.

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