The 35th ministerial meeting between the Organization of the Petroleum Exporting Countries (OPEC) and non OPEC oil producing countries was held in Vienna, Austria, on the 4th, and it was decided to adjust the total crude oil production target to 40.46 million barrels per day in 2024. After the meeting, OPEC issued a statement stating that the decision aims to maintain stability in the oil market and provide long-term guidance for the market. At the 33rd Ministerial Conference in early October last year, the "OPEC+", consisting of OPEC member countries and non OPEC oil producing countries, announced a daily average reduction of 2 million barrels of monthly production from November 2022 to 41.856 million barrels of daily production from August of the same year. In early April of this year, OPEC+announced an additional voluntary production reduction of 1.66 million barrels per day from May to the end of this year, based on the above production reduction decisions. The unexpected production reduction news of "OPEC+" in April this year stimulated a significant increase in international oil prices. However, under the influence of multiple bearish factors such as market concerns about the global economic outlook and high inflation, as well as the tightening of monetary policies by many major economies' central banks, oil prices have since weakened. The price of Brent crude oil futures in London has dropped from around $85 per barrel in early April to over $70 per barrel in the past week. New York crude oil futures prices also showed a similar trend. It is reported that the 36th ministerial meeting between OPEC and non OPEC oil producing countries will be held in November this year. But major oil producing countries have stated that they will hold temporary ministerial meetings when necessary to respond to changes in the crude oil market. (New News Agency)