Categories: Business

OPEC and Allied Countries to Reduce Reduction, Allowed for More Oil Production


OPEC and allies to ease cuts, allow more oil production

New York. The ministers of the oil producing countries, OPEC, agreed to increase oil production and said that the demand for oil is increasing as steps are taken to reopen the economies. He also warned that if further severe lockdown decisions are taken, they may review their decision to increase production at an emergency meeting, as oil demand would be lower in such a situation.

OPEC and other countries, the Organization of Petroleum Exporting Countries, agreed to cut the cuts during a video conference on Wednesday. He expressed his desire to move forward on the production schedule prepared in the last meeting, under which countries were allowed to produce more oil in August than in the previous few months.

OPEC has 13 countries and is largely dominated by Saudi Arabia. Apart from this, Russia is headed by other oil producing countries. OPK countries and their partners will cut 77 million barrels per day in August. According to experts, oil producing countries will supply more than 2 million barrels of oil per day in August as compared to July.

All oil producing countries agreed in July to cut oil production by 10 million barrels per day. It accounts for about 10 percent of the total global oil supply.

This post was published on July 16, 2020 12:31 pm

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