The 34th Ministerial Meeting between the Organization of Petroleum Exporting Countries (OPEC) and non OPEC oil producing countries was held by video on the 4th and decided to maintain the production reduction target set at the 33rd Ministerial Meeting. The 33rd Ministerial Conference held on October 5 this year decided that from November this year, the monthly output would be reduced by 2 million barrels per day on the basis of August's output, equivalent to 2% of the global average daily oil demand. OPEC issued a statement after the ministerial meeting on the 4th, emphasizing that the production reduction decision made at the October meeting was entirely due to market considerations. Due to market concerns about the world economic prospects, the decision of major oil producing countries to significantly reduce production failed to effectively support international crude oil prices. The main contract price of New York crude oil futures fell from more than 120 dollars per barrel in June this year to about 80 dollars per barrel at present. London Brent crude oil futures prices also showed a similar trend. On the 2nd, the European Union, the Group of Seven and Australia announced that they would set a price ceiling of US $60 per barrel for Russian crude oil exported by sea, which brought new uncertainty to the market. The Russian side said that such proposals as restricting oil imports from Russia and setting a price ceiling on Russian oil could only lead to soaring oil prices like natural gas prices. It is reported that the 35th Ministerial Conference between OPEC and non OPEC oil producing countries will be held on June 4, 2023. However, major oil producing countries said that they would hold temporary ministerial meetings when necessary to cope with changes in the crude oil market. In April 2020, OPEC and non OPEC oil producing countries reached an agreement on production reduction due to the impact of the COVID-19 and other factors on oil demand. Since May 2021, with the recovery of oil demand, major oil producing countries have gradually increased their oil production. In September this year, the major oil producing countries announced for the first time to cut their monthly output more than a year later, reducing the monthly output in October by 100000 barrels per day. (Liu Xinshe)