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OPEC, non-OPEC ministers eye steady market

OPEC and non-OPEC oil ministers came together in Vienna on Saturday with an agenda mainly involving never-ending cooperation purposed to ensure a stable global oil market.

The gathering followed an OPEC decision earlier Friday to boost output rates by one million barrel per day (bpd) in a bid to fend off a looming energy shortage.

Oil ministers ascribed the move to an OPEC yen to answer the growing crude needs of major consumers worldwide.

OPEC, and non-OPEC producers, with Russia on top, agreed in late 2016 to cut output by 1.8 million barrels daily to stabilize world oil markets.

A six-month agreement came into effect on January 1, 2017, and was later extended for nine months as of July 1, 2017.

Source: Kuwait News Agency