Riyadh – Mubasher: The key objective of the Organization of the Petroleum Exporting Countries members and non-affiliated producers, including Russia, an alliance known as OPEC+, is to maintain the stability for global oil markets, the Saudi Press Agency (SPA) reported late on Sunday, citing the Saudi oil minister.
On the sidelines of OPEC and its allies meeting in the Saudi city of Jeddah, Khalid Al Falih said in his inaugural speech that maintaining balance in oil markets will be in the favour of both consumers and producers, highlighting the significant progress achieved by the producer club.
He called the participating countries to condemn the destructive act that took place last week in Saudi Arabia, the OPEC kingpin nation, which did not affect the oil supply, affirming that such sabotage acts affect the energy supply to the world and expose the global economy to additional risks.
In the same vein, OPEC Joint Ministerial Committee to Monitor Production Reduction Agreement affirmed its commitment to striking balance in oil market.
The committee expressed its satisfaction with the important role played by the “Declaration of Cooperation” in the recovery of the oil market witnessed during the first quarter of 2019, compared to the same period of the prior year, pushed by the high level of commitment to voluntary production adjustments by the participating countries.
In April, the rate of compliance increased to 168%, while the average rate of compliance recorded 120% since the beginning of 2019.
Monitoring the production reduction agreement follows up the estimates of the oil reserves in the coming weeks.
