The organization of Petroleum Exporting Countries (OPEC) and non OPEC oil producing countries held the 31st ministerial meeting by video on the 3rd, and decided to increase production slightly in September this year and increase the monthly output by 100000 barrels per day. OPEC issued a statement after the meeting, saying that the meeting has taken note of the current volatile crude oil market fundamentals, and it is necessary to continuously evaluate the market situation. The meeting pointed out that it is necessary to carefully use the very limited idle capacity at present to deal with the serious disruption of crude oil supply. The statement also pointed out that the long-term insufficient investment in the oil industry has reduced the idle capacity, especially the insufficient investment in the upstream sector, which may make it difficult for the oil industry to cope with the growing global oil demand after 2023. Recently, due to high inflation and interest rate hikes by many central banks, the market is worried that the economy will fall into recession or erode demand. The international crude oil price has dropped somewhat, but it is still hovering around the high of about US $100 per barrel. Before the 31st ministerial meeting of OPEC and non OPEC oil producing countries was held, major oil consuming countries had repeatedly urged major oil producing countries to increase production to stabilize oil prices and ease inflationary pressure. In April 2020, due to the impact of COVID-19 and other reasons on oil demand, OPEC and non OPEC oil producing countries reached an agreement to reduce production. In July 2021, OPEC and non OPEC oil producing countries decided to gradually increase their monthly production according to market conditions from August of that year. The 32nd ministerial meeting of OPEC and non OPEC oil producing countries will be held on September 5 this year. (news agency)