The countries members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies at the last meeting agreed on a gradual recovery of oil production, Reuters reports.
Number of participating countries intend to ask for the restoration of oil production against the backdrop of a recovery in demand for oil products.
After the meeting, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman has said that by December 2020, OPEC + countries will cut the reduction of oil production to 7.7 million barrels. In addition, countries that have exceeded the limits in previous months will pay compensation. In August and September, the member states will reduce production to 8.54 million barrels after compensations from Iran, Russia, Kazakhstan, Angola and Nigeria.