OPEC Plus will hold a video conference today to discuss increasing oil production



   The Organization of the Petroleum Exporting Countries (OPEC Plus) will hold a video conference on Sunday to discuss increasing oil production.


    According to the French news agency AFP, a statement issued by the Vienna-based OPEC Secretariat said that the group would meet via video conference on Sunday.

It may be recalled that the meeting held earlier this month regarding the increase in oil production was deadlocked after the end of the cut in production.

The 23-member OPEC Plus postponed a scheduled meeting on July 5 to resolve differences over rising oil production.

Since May this year, OPEC Plus has been increasing its oil production slightly. OPEC Plus cut oil production last year after the Corona epidemic severely affected oil demand.

Sunday's meeting will consider a proposal to increase crude oil production by up to 400,000 barrels per month from August to December.

Another proposal under consideration is to extend crude oil production cuts by the end of 2022, But the UAE opposes the proposal.

Oil prices, which were already falling, plummeted in April 2020 when demand for oil dropped to zero due to Corona.

At the time, OPEC Plus had cut its supply of oil to the market by 9.7 million barrels per day, and the group will phase out the cuts by April 2022.

The move led to an improvement in oil prices.

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