OPEC ministers agree to support market balance, stability

The oil and energy ministers of the Organization of the Petroleum Exporting Countries (OPEC) met on the sidelines of the 8th OPEC International Seminar in Vienna to review market conditions.

The ministers agreed to continue consultation with their non-OPEC counterparts, through already existing mechanisms, including JMMC and ONOMM meetings, in their continued efforts to support a stable and balanced oil market, Saudi Press Agency reported.

The ministers also expressed their appreciation to Saudi Arabia for extending its one million barrels per day (bpd) voluntary cut for the month of August. The Kingdom’s oil production for August will near nine million bpd.

OPEC and its allies agreed on June 4 to set a new production target at 40.46 million barrels per day (bpd) from January-December 2024, Argaam reported.

Source : Argaam