OPEC+ countries decide to extend oil output cut deal

OPEC+ countries decide to extend oil output cut deal

Baku, Azerbaijan, July 2

By Leman Zeynalova – Trend:

OPEC+ countries have decided to extend the oil output cut deal from 1 July 2019 to 31 March 2020, Trend reports citing OPEC.

“Reaffirming the continued commitment of the participating producing countries in the ‘Declaration of Cooperation’ to a stable market, the mutual interest of producing nations, the efficient, economic, and secure supply to consumers, and a fair return on invested capital, and noting the overall improvement in market conditions and sentiment, and the return of confidence and investment to the oil industry. Accordingly, the Meeting focused their deliberations on recent oil market developments and the immediate prospects. In view of the underlying large uncertainties and its potential implications on the global oil market, the 6th OPEC and non-OPEC Ministerial Meeting hereby decided to extend the decision taken on voluntary production adjustments at the 5th OPEC and non-OPEC Ministerial Meeting on 07 December 2018, for an additional period of nine months from 01 July 2019 to 31 March 2020,” reads a message from OPEC.

Reportedly, the Meeting emphasized the support and commitment of all participating countries in the Declaration of Cooperation to build on the success achieved thus far, and thus endorsed the draft text of the Charter of Cooperation, a high-level voluntary commitment, to enable the continued proactive dialogue between countries in the Declaration of Cooperation at both ministerial and technical levels. “The Meeting requests all participating countries to take the draft text through their respective national process.”

The 176th Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) was held in Vienna, Austria, on 1 July 2019. In view of the current fundamentals and the consensus view on the outlook for the remainder of 2019, the Conference decided to extend the voluntary production adjustments agreed at the 175th Meeting of the OPEC Conference for an additional period of nine months from 01 July 2019 to 31 March 2020.

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