The Ministerial Committee to monitor oil production reduction, which includes «OPEC» (Organization of Petroleum Exporting Countries), and producers outside, known as «OPEC Plus», yesterday to continue the agreement to reduce production in force, until the fourth of next December, the date of the meeting Next scheduled in Vienna.

This came during a meeting of the Committee in Abu Dhabi, yesterday, on the sidelines of the World Energy Conference.

During a press conference, Saudi Energy Minister Prince Abdulaziz bin Salman reviewed the outcome of the meeting, in the presence of UAE Minister of Energy and Industry Suhail Al Mazrouei, Russian Energy Minister Alexander Novak and OPEC Secretary General Mohammed Barkindo.

Bin Salman said that the meeting reviewed the rates of compliance with the agreement to reduce production, from the beginning of this year until the end of last August, pointing out that the continuation of the reduction agreement comes to support the stability of the market, especially in the presence of macroeconomic indicators.

He added that the committee will monitor the market until the next meeting on the fourth of December, to ensure the need for further cuts or any new decisions.

commitment

The Saudi minister affirmed the Kingdom's commitment to the rates of production cuts by about 100%, until the end of last August, in addition to that it is ready to deal with any changes in the market.

He pointed out that the strategic objective of Saudi oil policy is to promote stability in the global oil market, pointing out that the important pillar in the Kingdom's oil policy will remain unchanged, and stressed the need to achieve market stability and maintain a high degree of cohesion within «OPEC».

He pointed out that the operating model of the Saudi oil sector is comprehensive, considering that this is the most important regardless of the size of the sector.

Each State must fulfill its obligations regardless of size.

Close cooperation

For his part, Al Mazrouei said that there is close cooperation between the UAE and Saudi Arabia in all fields, pointing out that this extends to OPEC, where they constitute one hand and a force that has a great impact.

He added that the meeting of the Committee in Abu Dhabi was positive, and focused on the importance of achieving market balance, noting that more oil will be discharged from global markets if producers comply fully with the agreed supply cuts.

Al Mazrouei said that the additional quantities will be discharged as a result of full compliance, and stressed that the meeting «OPEC Plus» was positive by all standards, as the countries announced a commitment rate of more than 100% to reduce oil production ..

"When we collect the data, we see that there will be additional quantities coming out of the market, which will accelerate the process of inventory correction and return faster to normal, which is the balance of supply with demand, which is a positive message."

Al Mazrouei thanked Iraq and Nigeria for the rapid response in cutting production, thus strengthening the market balance.

adaptation

For his part, said the Russian Energy Minister: «Russia will continue to work with all member states and non-members (OPEC), to face adaptation to developments in the global market, and take the best ways to overcome the emergency challenges».

It is noteworthy that «OPEC +» agreed in July, to keep the agreement to reduce oil production for an additional nine months, by 1.2 million barrels per day, in force until March 2020 in order to support the market.

Al Mazrouei stressed that the committee meeting in Abu Dhabi was positive and focused on the importance of achieving market balance.

100%

OPEC Plus Commitment

To reduce oil production.