OPEC+ to Hold New Oil Production Policy Meeting on the 18th

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Minji Lee] OPEC+ (the Organization of the Petroleum Exporting Countries (OPEC) and a coalition of major non-OPEC oil-producing countries including Russia) is expected to hold a meeting on the 18th (local time) to discuss oil production policies.

According to major foreign media on the 17th, OPEC+ scheduled the meeting after Saudi Arabia and the United Arab Emirates (UAE), who had disagreements over oil production policies, reached a compromise.

The OPEC+ meeting held on the 2nd was suspended after the UAE opposed Saudi Arabia’s plan to ease production cuts, with Saudi Arabia being the largest oil producer.

At that time, OPEC+ agreed to increase production by 400,000 barrels per day from August to December this year and to extend the deadline for easing production cuts, originally set until April next year, until the end of next year; however, the UAE reportedly opposed this.

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