The Organization of Petroleum Exporting Countries (OPEC) and its allies in Abu Dhabi agree on September 12, 2019 to maintain the current levels of reductions in oil production until next December, stressing the need for all countries to abide by the “OPEC +” Charter.

Saudi Arabia has pledged to boost its voluntary output cut to 9.890 million bpd in October, Iraq has pledged to cut output by 175,000 bpd by October, while Nigeria has pledged further cuts to 57,000 bpd.

This came during the 16th meeting of the Joint Ministerial Committee “OPEC +” held in Abu Dhabi in conjunction with the activities of the 24th World Energy Conference and stressed the “urgent need to adhere to the Charter of cooperation with major oil producers, led by the Russian Federation to support the stability of the oil market.”

His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy of Saudi Arabia, who chaired the meeting with His Excellency Alexander Novak, Minister of Energy of the Russian Federation, said that the Kingdom is doing more than it has pledged to ensure the stability of the world oil market.

Saudi Arabia will keep voluntary production cuts until the end of the year for further review at the next ministerial committee meeting in December, he said.

For his part, HE Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, affirmed the UAE’s firm commitment to the cooperation pact. “

For his part, Alexander Novak, Minister of Energy of the Russian Federation, said that his country will continue to work with all member states and non-OPEC members to face adaptation to the developments of the global market and take the best ways to overcome the emergency and future challenges.

“All participating countries, especially those that have not yet reduced their production to the agreed level, have unequivocally affirmed a 100% commitment to at least agreed production levels for the remainder of this year,” the ministerial committee said.