OPEC and non-OPEC producers decide to increase oil output by 648,000 barrels per day in August

According to CCTV news client news, on June 30, local time, the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries held the 30th ministerial meeting by video.

In view of the current oil market conditions and consensus on its outlook, the parties reaffirmed the decision made at the 10th OPEC and non-OPEC ministerial meeting to reduce overall crude oil production and subsequent decisions, including OPEC and non-OPEC producers The production adjustment plan and monthly production adjustment mechanism approved by the 19th and 29th ministerial meetings of OPEC oil-producing countries decided to increase the total oil production in August 2022 by an average of 648,000 barrels per day (0.648 mb/d).

The meeting reiterated the importance of fully complying with and utilizing the compensation mechanism, which should be submitted in accordance with the OPEC and non-OPEC 15th Ministerial Conference Statement.

The meeting also decided to hold the 31st ministerial meeting of OPEC and non-OPEC oil-producing countries on August 3 this year.