OPEC meeting in Vienna agrees to raise oil output

opec oil rpoDuring the 174th Meeting of the OPEC Conference in Vienna, OPEC and non-OPEC global oil giants have agreed to raise crude production, a move that aims to control the recent rise in global oil prices

The Vienna conference has decided the oil-producing would endorse a normal output rise of one million barrels crude oil each day.

“Accordingly, the fourth OPEC and non-OPEC Ministerial Meeting hereby decided that countries will strive to adhere to the overall conformity level, voluntarily adjusted to 100 per cent, as of 1 July 2018 for the remaining duration of the ‘Declaration of Cooperation’ (DOC) and for the JMMC to monitor the overall conformity level and report back to the OPEC and non-OPEC Ministerial Meeting,” said OPEC in a press release.

The conference further analysed oil market developments since it last met in Vienna at the end of November and reviewed the oil market outlook for the remainder of 2018. The conference noted that the oil market situation has further improved over the past six months, with the global economy remaining strong, oil demand relatively robust, albeit with some uncertainties, and with the market rebalancing evidently continuing. Moreover, the return of more stability and more optimism to the industry has been welcomed by all stakeholders.

The meeting also acknowledged the crucial role played by participating non-OPEC nations in the DOC in maintaining oil balance worldwide and expressed hopes that the same will be continued in the future as well.

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