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OPEC Plus concludes its meeting with a commitment to support the rebalance of the oil market

04-02-2021

The Joint Ministerial of Monitoring Committee has confirmed an agreement on Wednesday of the OPEC Plus production cut, the commitment all of its members to support the rebalance of the global oil market. This concludes the Joint Ministerial Monitoring Committee 26th meeting via video conference technology, which was chaired by Prince Abdulaziz Bin Salman the Saudi Minister of Energy and Alexander Novak the Deputy Prime Minister and Minister of Energy of the Russian Federation. The market surplus has declined what the committee said in a statement, which was distributed by the OPEC information department. The global oil market has emphasized the importance of historic decisions, which were taken by OPEC and non-OPEC producers as well as the decisions that were unanimously made last year. The committee expressed its gratitude for the additional voluntary adjustment productions made by Saudi Arabia, which came into force on February 1st and lasts for months also reflecting its leadership and the need for a flexible and preventive approach by all members of the OPEC Plus alliance countries. The committee said in a statement that, the virtual meeting reviewed the monthly report of the Organization of the Petroleum Exporting Countries (OPEC) prepared by the Joint Technical Committee on the global oil market developments since the meeting, which was last December. The committee has welcomed the positive performance in the level of general conformity of the countries participating in the OPEC Plus alliance. Where the consensus reached a year with the original production adjustments of 101 percent, which enhances the high path of compliance of these countries.