BUSINESS OPEC countries agree to increase oil output

BUSINESS

OPEC countries agree to increase oil output

Xinhua

23:50, June 22, 2018

VIENNA, June 22 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) member states agreed at a meeting here Friday to increase the oil production.

OPEC.jpg

Saudi Arabia's Oil Minister Khalid al-Falih talks to journalists at the beginning of an OPEC meeting in Vienna, Austria, June 22, 2018. (Reuters/Heinz-Peter Bader)

"OPEC decided to increase its oil output after Friday's meeting, announcing that countries will strive to adhere to the overall conformity level of OPEC-12, down to 100 percent, as of 1 July 2018 ..." according to a conference statement.

The statement did not give the exact amount of the oil output increase. Nigerian oil minister Emmanuel Ibe Kachikwu told reporters that OPEC members would raise output by at least 700,000 barrels a day.

The output cuts of OPEC member countries have exceeded the required level of conformity that had reached 152 percent in May 2018. 

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue