Energy ministers of OPEC and non-OPEC countries have agreed to extend production cuts by a further nine months, following a meeting in Vienna, Austria.
The production adjustments will now be extended until March 2018.
A statement from OPEC read: “Member Countries, in agreeing to this decision, confirmed their commitment to a stable and balanced oil market, with prices at levels that are suitable for both producers and consumers.
“The Conference thanked all OPEC Member Countries for their commitment, as reflected in the unprecedented conformity levels to the decision taken at the 171st OPEC Ministerial Conference. The Conference reaffirmed their commitment, individually and collectively, to the decision to extend their production adjustments for a further nine-month period.”
The Joint Ministerial Monitoring Committee (JMMC) will continue to monitor conformity, evaluate market developments and make appropriate recommendations, if deemed necessary.
The next Ordinary Meeting will convene in Vienna, Austria, on 30 November 2017.
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