OPEC meeting today on the decision to cut oil

OPEC meets with allies, including Russia, on Wednesday to endorse a decision on the production policy of the first of August amid widespread speculation in the global market that 

the group will reduce supply restrictions as the global economy slowly recovers from the Coronavirus pandemic.

It is reported that the Organization of Petroleum Exporting Countries (OPEC) and its allies, in what is known as OPEC, have produced 9.7 million barrels per day since May,

or ten percent of global supplies after the virus cut a third of global demand.

After July, the cuts are set to increase to 7.7 million barrels per day until December.

In this regard, a committee of ministers of major producing countries will meet in what is known as the joint ministerial monitoring committee today, Wednesday, after 12:00 GMT, to

And OPEC sources say there are no recommendations to extend the record cuts in August.

OPEC Secretary-General Mohamed Barkindo said this week that the oil market is close to achieving the required balance.

On Tuesday, regulators said they expected global demand to recover by 7 million barrels per day in 2021, after dropping by 9 million this year due to the Krone pandemic.

Oil prices rebounded to about $ 43 a barrel, from a 21-year low of $ 16 a barrel last April.

The actual increase in production in August may be less than two million barrels per day because Iraq and Nigeria pledged to compensate for the high production level in May

and June with reductions greater than their pledge.