21st OPEC plus meeting kicks off, oil prices highest level since 2018

Tehran (IP) - The 21st meeting of the oil and energy ministers of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries began via videoconference, while oil prices have reached the highest level since 2018 to above $80/b.

Iran PressIran News: According to Shana, the oil and energy ministers of OPEC and non-OPEC countries met today (Monday, October 4) via videoconference.

At their 19th meeting in July, OPEC and its allies agreed to increase production by 400,000 barrels per day each month to end the supply limit of 5.8 million barrels per day.

In response to the collapse in demand at the height of the COVID-19 outbreak, OPEC+ limited production by 9.7 million barrels per day as of May 2020, equivalent to about 10 percent of global demand, but since then, with demand improving, it has eased supply constraints over time.


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