The oil and energy ministers of the Organisation of Petroleum Exporting Countries (OPEC), who met on the sidelines of the 8th OPEC International Seminar in Vienna on Wednesday, expressed their appreciation to Saudi Arabia for extending its 1 million barrels per day voluntary cut for the month of August.
They also thanked the Russian Federation and Algeria for their additional voluntary reduction of exports by 500,000 barrels per day and 20,000 barrels per day, next month.
During the meeting, the ministers also reviewed the 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.
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