OPEC and non-OPEC Arab oil ministers stressed the need for continued cooperation between oil producers who are part of the deal for a global supply cut, which expires at the end of 2018, Kuwait’s state news agency KUNA reported on Sunday.
The Organization of the Petroleum Exporting Countries (OPEC), Russia and several other producers agreed to cut output by about 1.8 million barrels per day (bpd) starting from January 2017.
On Saturday, OPEC ministers from Saudi Arabia, UAE, Kuwait, Algeria, and non-OPEC member Oman gathered in Kuwait for an unofficial meeting of a joint ministerial committee that monitors compliance with the agreement.
The statement, published by KUNA, stressed the need to maintain the existing cooperation and continue the successful endeavor carried out by the participating countries.
“They called for sustaining the current partnership in order to continuously adapt to ongoing market dynamics, in pursuit of the interests of consumers and producers whilst promoting healthy global economic growth," added the committee.
The ministers also emphasized the need for healthy market conditions that stimulate investments in the energy sector, in order to ensure stable oil supplies are made available in a timely manner to meet growing demand and offset declines in some parts of the world.
The agreement has helped raise oil prices to above $80 a barrel and reduce a global oil supply glut.
In June, OPEC could decide to raise oil output to cool worries over Iranian and Venezuelan supply and after Washington raised concerns the oil prices were rising too far, OPEC sources familiar with the discussions told Reuters last month.
