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

IANS  |  Vienna 

and non-on Saturday agreed to jointly increase

The meeting between and non-OPEC including decided to stick to 100 per cent conformity of the set in the meeting in 2016 in which the agreement to cut by a total of 1.8 million barrels per day has been reached, reported.

The 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 per cent".

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 increase.

The agreement would be implemented in July.

The oil producers gathering in showed some flexibility in oil production policy, according to Saudi Arabia's

OPEC would continue monitor the market, and the production cap would be adjusted when needed.

--IANS

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First Published: Sun, June 24 2018. 01:28 IST