Major oil producers decide to increase output in July

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries held the 29th ministerial meeting by video on the 2nd, and decided to increase the monthly production in July this year by 648,000 barrels per day, higher than the previous average of 432,000 barrels per day.
Monthly production increase plan
.

According to a statement issued by OPEC, the meeting reconfirmed the production adjustment plan and monthly production adjustment mechanism approved by the 19th ministerial meeting, which will increase monthly production by 432,000 barrels per day from May this year
.
The meeting also decided to advance the share of production increase in September this year to July and August, so the monthly production in July will be raised by an average of 648,000 barrels per day
.

In April 2020, due to the impact of the new crown epidemic 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 from August of that year until the 5.
8 million barrels per day reduction in production is gradually lifted
.

Recently, affected by the conflict between Russia and Ukraine and the Western sanctions against Russia, the international crude oil price has been hovering at a high level of around US$110 per barrel
.
Major oil consuming countries have repeatedly urged "OPEC+" to expand the scale of production increases in order to stabilize oil prices and ease inflationary pressures
.

The 30th OPEC and non-OPEC ministerial meeting will be held on June 30 this year
.