The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing nations agreed to reduce oil output from July till September to prevent over-supply in the global oil market.
OPEC+ is included 23 member group to ensure all participating countries can maintain equity and sustainability in oil market. The organization agreed on June 6 to extend the current production cut agreement that suppress total output by 9.7 million barrels per day (bpd) from June 30 to the end of July.
Some members in including Iraq, Nigeria, Kazakhstan and Angola, however, are failure to decrease their individual outputs lower than requested levels and produced more than their quotas. They are now have to decrease their output in three months starting from July to September.
Other OPEC members Saudi Arabia, the United Arab Emirates, Kuwait and Oman have agreed to decrease their total oil production by 1.2 million bpd in the month of June.