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OPEC panel proposes one million barrels a day output increase

The OPEC’s Joint Ministerial Monitoring Committee (JMMC) has recommended one million barrels per day (mbpd) hike in output to retain stability on oil market.

The recommendation was made by the committee at the conclusion of its ninth meeting in Vienna Thursday.

The developments on the global market was thoroughly studied by the committee, Saudi Arabia’s Minister of Energy, Industry and Mineral Resources; and JMMC Chairman of the Joint Ministerial Monitoring Committee (JMMC) said in a press statement following the meeting.

He added the committee’s recommendation was referred to the ministerial meeting, scheduled Friday, for deliberation and approval to avoid any shortage of supplies in the next half of the year.

He expected that the increase would about one million barrels per day.

Source: Kuwait News Agency