Wed 05-07-2023 23:16 PM
VIENNA, 5th July, 2023 (WAM) — The oil and energy ministers of the Organisation of Petroleum Exporting Countries (OPEC) met on the sidelines of the 8th OPEC International Seminar, which kicked off today in the Austrian capital, Vienna.
During the meeting, the ministers took the opportunity to review 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.
The ministers also expressed their appreciation to the Kingdom of Saudi Arabia for extending its 1 million barrels per day voluntary cut for the month of August. They also thanked the Russian Federation for its additional voluntary reduction of exports by 500,000 barrels per day and Algeria for its additional voluntary cut of 20,000 barrels per day for the month of August 2023.
Khoder Nashar
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