OPEC meeting kicks off

General meeting of the OPEC member states has kicked off through video conferencing, Report informs.

Later on, a meeting of the Joint Ministerial Monitoring Committee (JMMC) will be held. At 7:00 p.m. (GMT +4), OPEC+ participating states will hold an online meeting. The meetings will focus on the quota of oil production after July.

Last year, OPEC + cut production by 9.7 million barrels per day from May to October 2018 due to declining demand in the oil market because of the coronavirus pandemic. Later, as the situation stabilized, relevant decisions were made on production decisions. Thus, the reduction in production in May was 6.55 million barrels, in June - 6.2 million barrels, and in July - 5.76 million barrels. At the initiative of Saudi Arabia, production fell to 7.3 million barrels in May and 6.6 million barrels in June.