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The ministerial control committee of the "OPEC +" agreement on Thursday stressed the need for members to comply with the reductions stipulated in the agreement to reduce production.
This decision was taken at the conclusion of a meeting held today in Abu Dhabi by the Committee to discuss the evolution of the oil market. This is the first meeting of the new Saudi energy minister Abdul Aziz bin Salman, recently appointed to succeed Khalid Al-Falih.
For its part, said the Russian Minister of Energy, Alexander Novak, Russia is fully committed to its commitments and intends to respect its commitments under the "OPEC +", underlining importance of commitment to the participants in the agreement.
He added that the next meeting of the "OPEC +" Ministerial Oversight Committee will be held in early December.
The commitment of OPEC countries vis-à-vis the production cut agreement from last August to 131%, while the proportion of producers participating in the OPEC + agreement in the same month was 147%.
The OPEC, Russia and other producers have begun to implement an agreement to reduce their output by 1.2 million barrels per day from early January. In July, the alliance, known as OPEC +, renewed the deal until March 2020.
Source: agencies
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