The organization of Petroleum Exporting Countries (OPEC) and non OPEC oil producing countries held their 28th ministerial meeting by video on the 5th and decided to maintain the original moderate production increase plan in June this year. According to the statement issued by OPEC, the participating oil producing countries reaffirmed the production adjustment plan and monthly production adjustment mechanism approved by the 19th ministerial meeting, and increased the monthly total production in June by 432000 barrels per day. The statement said that the participating oil producing countries believe that the crude oil market is still continuously affected by geopolitical factors and the COVID-19, but the current market fundamentals and consensus on the future trend show that the market supply and demand are balanced. In April, 2020, due to the impact of the COVID-19 on oil demand, OPEC and non OPEC oil producing countries, namely the "OPEC +" cooperation mechanism, reached an agreement on production reduction. In July 2021, "OPEC +" reached an agreement at the 19th ministerial meeting, agreeing to increase its total output by 400000 barrels per day per month from August of that year until the reduction of 5.8 million barrels per day is gradually cancelled. According to the OPEC statement, the 29th ministerial meeting between OPEC and non OPEC oil producing countries will be held on June 2 this year. (Xinhua News Agency)