OPEC+ Meets to Discuss Stabilizing Oil Market
OPEC and its non-OPEC oil-producing allies met today to discuss production plans, as forecasts for oil demand continue to decline. As expected, the group, known as OPEC+, did not announce new production cuts at the meeting, reports CNBC.
In July, OPEC+ decided to reduce oil production by 7.7 million barrels per day through the end of 2020. Earlier this year, some countries did not adhere to production limits, and now Iraq and others plan to keep production below quotas in September to make up for that increase in supply, according to the report.
Source Fool.com
