Oil minister takes part in OPEC+ meeting

Oil minister takes part in OPEC+ meeting

Libyan Oil Minister Mohamed Aoun participated in the 19th ministerial meeting of OPEC+, which took place virtually on Sunday, according to a statement by the oil ministry.

Ministers of OPEC member states reviewed the oil market in terms of supplies, demand and the level of stocks, the ministry said.

They decided to increase the group’s oil production rate by 400,000 barrels per month, starting from August 2021.

They also decided to renew the agreement signed in April 2020 until the end of December 2022, after adjusting the reference production rates in May 2022.

To ensure the stability of the oil market, the ministers decided to continue holding monthly ministerial meetings to monitor the market situation and adjust the agreed production rates if necessary. The next ministerial meeting of the oil group will be held on September 1, 2021.