The intergovernmental organization called the Organization of the Petroleum Exporting Countries (OPEC) has called out for a meeting on Monday to discuss about the collapsing oil prices. An abundance of global crude supplies has put pressure on oil prices. This is the reason that the key members of the Organization of the Petroleum Exporting Countries (OPEC) are scheduled to meet non-members in St. Petersburg, Russia, on Monday to discuss market conditions and whether more action is needed to support prices. Also reports says that OPEC has already invited Libya to share its production plans with the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC), and Libya will attend the gathering, with National Oil Corporation (NOC) chairman Mustafa Sanalla leading the delegation. Libya and Nigeria has contributed the most to the 393,000-bpd increase in the cartel’s total crude output in June compared to May, says reports.
An agreement was made by some of the world’s largest oil producing companies to boost up the oil price. It was made two months before and has also extended the output-cut agreement till March 2018. There are reports stating that the OPEC and non-OPEC compliance with the agreement climbed to 106% in May, dubbing it the “highest conformity ever with their voluntary adjustments in production”.