OPEC and its partners signalled they would extend the crude oil production cuts which expired over the weekend at a conference in Vienna on Monday. The Joint Ministerial Monitoring Committee (JMMC) which includes several members from outside the bloc recommended a nine-month extension.
«The benefits for the market have been very important, both for the producing countries as well as for the... Еще consuming ones. Volatility is not a good thing for the global economy», said Manuel Salvador Quevedo Fernandes, Venezuelan Minister of Petroleum.
Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia, said that he was optimistic about the agreement. «We've always had challenge. This has never been a walk in the park or an escalator ride towards balance. When we started in 2016, the situation was more challenging than it is today, given the size of the overhang back then compared to today», said Al-Falih.
An agreement on extending the production cuts requires a unanimous vote within the oil-producing bloc. Russia and nine other non-OPEC partners will join the meeting on Tuesday.