The world's biggest oil producers agreed Thursday to adhere to the current plan of increasing output by 648,000 barrels per day (bpd) in August.
The 23-members of the Organization of Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, held the 30th ministerial meeting via videoconference to discuss the production volume for August.
The group said they would continue the plan of increasing output by 648,000 bpd in August 'in view of current oil market fundamentals and the consensus on its outlook.'
OPEC+ had reduced its daily crude oil production by approximately 10 million barrels in April 2020 due to the sharp decline in demand following the emergence of the COVID-19 pandemic.
As global economies and oil demand started to recover, the group also began to ease these cuts incrementally from April 2021.
The next meeting of OPEC and non-OPEC members is scheduled for Aug. 3.
By Firdevs Yuksel