ZCZC
BCN-07
OPEC-OIL-OUTPUT
OPEC, non-OPEC oil producers to jointly boost oil output
VIENNA, June 24, 2018 (BSS/Xinhua) – OPEC and non-OPEC oil producers on
Saturday agreed to jointly increase oil production.
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 percent.”
BSS/XINHUA/HR/1050