BUSINESS OPEC countries agree to increase oil output


OPEC countries agree to increase oil output


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.


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. 

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