Major oil producing countries planned to increase production

The organization of Petroleum Exporting Countries (OPEC) and Russia and other non OPEC oil producing countries reiterated after a ministerial meeting on the 1st that they will continue to increase oil production according to the original plan.

The 17th ministerial meeting between OPEC and non OPEC oil producing countries was held by video on the same day. After the meeting, OPEC issued a statement on its official website, saying that the meeting reconfirmed the decision made by the 15th ministerial meeting on output adjustment in July.

In early April, OPEC and non OPEC oil producing countries agreed to increase production by 350000 barrels per day in May, 350000 barrels per day in June, and about 440000 barrels per day in July.

The statement said that with the acceleration of new crown vaccination, the economy in most parts of the world continues to recover, and the demand for oil has increased significantly. According to the decision of the previous meeting, OPEC and non OPEC oil producing countries will gradually expand the production increase scale to 2 million barrels per day according to the market situation.

The statement also said that it is necessary to continue consultations and closely monitor market fundamentals. The ministerial meeting between OPEC and non OPEC oil producing countries will still be held once a month, and the 18th ministerial meeting is scheduled to be held on July 1.