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OPEC, non-OPEC members meet August 7 on production cut

OPEC, non-OPEC members meet August 7 on production cut

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Representatives of some OPEC and Non-Opec nations will meet in the city of Abu Dhabi in the United Arab Emirates, between August 7 and 8 to assess the level of compliance on oil production cut.

A statement by the Opec’s office in Vienna, Austria, says both Kuwait and Russia will co-chair the meeting.

At the beginning of the year, both Opec and some non Opec nations agreed to cut down oil production by 1.8 million barrels in order to improve price.

It appears that some member nations have renege on the agreement.

Algeria and Venezuela are believed to have slowed down their production quota compliance.

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