OPEC, non-OPEC oil producers to jointly boost oil output

OPEC and non-OPEC oil producers on Saturday agreed to jointly increase oil production, reports Xinhua from Vienna.

The meeting between OPEC and non-OPEC oil producers including Russia decided to stick to 100 percent conformity of the oil production cap set in the meeting in 2016 in which the agreement to cut oil output by a total of 1.8 million barrels per day has been reached.

The oil producers have reduced the production more than required in the past months.

The decision on Saturday would bring around 1

million barrels daily oil production further into the world market.

According to the statement of meeting, oil producers will”strive to adhere to the overall conformity level, voluntarily adjusted to 100 per cent.”

 

OPEC, non-OPEC oil producers to jointly boost oil output

OPEC and non-OPEC oil producers on Saturday agreed to jointly increase oil production, reports Xinhua from Vienna. The meeting between OPEC and non-OPEC oil producers including Russia decided to stick to 100 percent conformity of the oil production cap set in the meeting in 2016 in which the agreement to cut oil output by a total of 1.8 million barrels per day has been reached. The oil producers have reduced the production more than required in the past months. The decision on Saturday would bring around 1 million barrels daily oil production further into the world market. According to the statement of meeting, oil producers willstrive to adhere to the overall conformity level, voluntarily adjusted to 100 per cent.