Wall Street Journal informs that Organization of the Petroleum Exporting Countries will revise the agreement on the decrease of the production volume made during the online conference on July 15.
The parties reviewed the market developments and the possible increase of quotas.
Give the fact that the demand for oil is increasing; the crude production might correspondingly increase.
WSJ mentions that most of the member countries support the increase in production.
Reminder: The demand for oil on the world market has decreased by 30% amid the pandemic, pushing the OPEC countries to decrease the production starting from April 12. Then, the member countries agreed to decrease the production to 9.7 million barrels and 6 million barrels until April 2021.