Luanda — Opec and non-OPEC members Tuesday requested the Joint Ministerial Meeting Committee (JMMC) to carefully monitor the implementation of the resolution on extending the cut-off date for oil production by March 2020, aiming at a balance between supply and demand and the prevailing uncertainties.
This request was made at the 6th OPEC and non-OPEC Ministerial Meeting held in Vienna, Austria, under the co-presidency of OPEC President Manuel Salvador Quevedo Fernandez (Minister of Petroleum of the Bolivarian Republic of Venezuela) and Alexander Novak (Minister of Energy of the Russian Federation).
OPEC and non-members of OPEC on Tuesday decided in Vienna (Austria) to maintain adjustments to oil production made in December 2018 until 31 March 2020.
The meeting, focused its deliberations on recent developments in the oil market and the immediate prospects given the great uncertainties and their possible implications in the global oil market.
The meeting emphasized the support and commitment of all countries participating in the Declaration of Cooperation to consolidate the success achieved so far and thus endorsed the draft text of the Cooperation Charter, a high level voluntary commitment, to promote dialogue -activity between countries in the Declaration of Cooperation and at ministerial and technical levels.
Reaffirmed the continued commitment of producer countries to the Declaration of Cooperation for a stable market, the mutual interest of producer nations, efficient, economic and safe supply for consumers, and a fair return on invested capital, and the return of confidence and investment to the oil industry.
The next OPEC and non-OPEC Ministerial will be held in Vienna, Austria, on 8 December 2019.