Business & Finance

Oil producers agree to adhere to June’s agreement

ALGIERS, Member states of the Organization of Petroleum Countries (OPEC) and their non-OPEC partners agreed during a meeting in the Algerian capital on Sunday on fully adhering to the June accord on cutting crude oil output, Kuwaiti Oil Minister announced.

“Every body is aware of the necessity to keep the oil market stable and the need for action to ensure its sustainable balance,” said Bakheet Al-Rasheedi in a statement on sidelines of the 10th Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) tasked with following up on the lower production deal.

The OPEC producers and independent ones namely Russia agreed, at a meeting held in Vienna in late 2016, on slashing the oil production by 1.8 million barrels per day.

Source: Kuwait News Agency