The output and decision on production cuts in the latest OPEC meeting

The Deputy Prime Minister for Energy and Minister of Oil, Thamer Ghadhban described the harmony of producers from the OPEC and outside the commitment to the agreement to decline production in support of oil prices and stability in the oil market. He pointed out the signs of the increase in global stocks in spite of sanctions on some countries. The statement came after the closure of the 13th meeting of the Joint Ministerial Committee, which was held in the Azerbaijani capital Baku. The meeting took place to monitor the reduction of production between the OPEC and major producers from outside the organization.

latest OPEC meeting

Al-Ghadhban said that the Ministerial Council for Production Control has listened to the reports of the relevant committees emanating from the producers’ meetings. It includes extrapolating the international oil market and reviewing the tables, reports and production data of the member countries. The ministerial meeting will take place during next month in Vienna and the next meeting is planned in June 2019. The meeting will discuss the reduction of production and appropriate decision by the oil ministers. It will lead to more stability in the global oil market.

A spokesman for the ministry, Asim Jihad said that the meeting of the Ministerial Committee opened with a speech to the host country of the meeting Azerbaijan and then the words of the ministers of Saudi Arabia, Russia, Venezuela and then the Secretary-General of the Organization of Petroleum Exporting Countries OPEC. The commitment of the producers to the agreement led to the achievement of positive steps and further stability in the oil market. Jihad said the ministerial committee listened to a comprehensive report on the commitment of the members of the agreement to reduce the production and ratios of each country. Iraqi Minister of Oil, Thamir Abbas al-Ghadhban met with the ministers of oil and energy of Russia, Saudi Arabia, Kuwait, Azerbaijan, and the UAE.

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