‘OPEC+ Countries’ to Continue Plan to Mitigate Production Cuts

The 17th Ministerial Meeting, where the OPEC+ member countries, energy and oil ministers came together via video conference to evaluate the market conditions and discuss the amount of production cuts agreed on April 01, ended.

In the statement made by OPEC, it was stated that the production regulation decision determined at the 15th Ministerial Meeting, in line with the observations made on the fundamental situation in the markets, will also be implemented for July.

In the statement, it was shared that the next ministerial meeting of the group will be held on July 01.

At the 15th Ministerial Meeting on April 01, the OPEC+ group decided to ease production cuts by increasing the total daily production of member countries by 350 thousand barrels in May and June, and by 441 thousand barrels in July. Saudi Arabia, on the other hand, announced that it would gradually lift the additional 1 million barrels per day cut decision announced in February and implemented voluntarily.