OPEC, non-OPEC oil producers to jointly boost oil output

OPEC and non-OPEC oil producers on Saturday agreed to jointly increase oil production.

Russian Minister of Energy Alexander Novak, Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia and Minister of Energy of the United Arab Emirates, UAE, Suhail Mohamed Al Mazrouei, from left, attend a news conference after a meeting of the Organization of the Petroleum Exporting Countries, OPEC, and non OPEC members at their headquarters in Vienna, Austria, Saturday, June 23, 2018. [Photo: AP/Ronald Zak]

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.