OPEC energy and oil ministers met on Wednesday to express appreciation for voluntary oil production cuts in August worth 1 million barrels per day by members Saudi Arabia and 20,000 bpd by Algeria and non-OPEC member, Russia, worth 500,000 bpd.
The talks were held on the fringes of the 8th OPEC International Seminar in Vienna.
“The ministers took the opportunity to review market conditions and agreed to continue consultation with their non-OPEC counterparts, through already put in place mechanisms including JMMC and ONOMM meetings, in their continued efforts to support a stable and balanced oil market,” read an OPEC statement.
Kuwait attended the talks through a delegation led by Deputy Prime Minister and Oil Minister Dr. Saad Al-Barrak.
Source: Kuwait News Agency