OPEC and non-OPEC oil producers on Saturday agreed to jointly increase oil production. The meeting between OPEC and non-OPEC oil producers including Russia decided to stick to 100 percent conformity of the oil production cap set in the meeting in 2016 in which the agreement to cut oil output by a total of 1.8 million barrels per day has been reached. The oil producers have reduced the production more than required in the past months. According to the statement of meeting, oil producers will “strive to adhere to the overall conformity level, voluntarily adjusted to 100 percent.” The Organization of the Petroleum Exporting Countries (OPEC) did not give the details of how it would split the production increase, even without giving directly the amount of oil production increase. The agreement would be implemented in July. The oil producers gathering in Vienna showed some flexibility in oil production policy, according to Saudi Arabia’s Energy Minister Khalid al-Falih. OPEC would continue monitor the market, and the production cap would be adjusted when needed. During the meeting, the Democratic Republic of Congo became the fifteenth member of the Organization for Petroleum Exporting Countries (OPEC). Membership in OPEC now gives the Republic of the Congo a voice in a powerful organization committed to balancing the global economy and maintaining a secure and dependable supply of petroleum to consumers. OPEC is responsible for about 40 percent of the world’s oil production and more than 80 percent of established oil reserves. “The Republic of the Congo is thrilled and honored to be joining OPEC and to do our part to preserve an equilibrium in global oil markets and ensuring a sufficient flow of investments into hydrocarbons,” said Jean-Marc Thystère-Tchicaya, the Minister of Hydrocarbons. “Severe oil market downturns like the one the world experienced recently remind us of the essential role that institutions like OPEC in ensuring stability. We are proud to cooperate with the world’s oil leaders,” he added. In 2017, the Republic of the Congo was amongst 11 non-member countries that joined OPEC in historic production cuts of 1.8 million barrels of oil per day. The so-called Declaration of Cooperation was widely regarded as successful in restoring the vitality of global oil markets and Brent oil prices reaching their highest level this year since 2014. Afrinews
