OPEC Plus expresses its appreciation for the Commitment Member states to reduce production
18-11-2020
The Ministerial Committee of the Organization of Petroleum Exporting Countries (OPEC) said on Tuesday that it was satisfied with member states to reduce production, exceeding expectations in order to support the global market. This came at the end of the 24 meeting of the Joint Ministerial Committee of the OPEC Plus Alliance which was held through teleconference, chaired by Saudi Energy Minister Prince Abdul Aziz bin Salman, and Co-Chairman, Minister Alexander Novak Russian Deputy Prime Minister and Energy. In its final statement, the Committee stressed that the critical importance of a commitment of full compensation of excess quantities in order to achieve the goal of restoring the balance of the global market. By referring to the strong oil demand in Asia and the positive news about the vaccines against (COVID-19), saying that the stricter measures that contain the disease which is across the continents, including full closures, affects the recovery of oil demand, and therefore the risks and uncertainties are still high. Also it was urged that all participating producing countries have to be vigilant, proactive and ready to act when necessary in accordance with market requirements. Also it was stated that it will present its Ministerial meeting of the Organization of the Petroleum threcommendations to the 12Exporting Countries OPEC and non-member producing countries, which is scheduled to held through teleconference in the beginning of next December. The next meeting of the Technical Committee and the Joint Ministerial Committee of the OPEC Plus Alliance will be held on of December. thand 17 ththe 16
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