Austria: OPEC approves increase in oil production

Reporter (Arabic): «Are there any specific conditions you are claiming for during today or tomorrow's sessions?» Mustafa Sanalla, Chairman of the Libyan National Oil Corporation (Arabic): «It is important to remind ourselves that the (declaration of agreement) which was released in 2016, was beneficial for everyone, and for sure we are trying to maintain the solidarity inside OPEC, but of course... Еще we should not forget that the market is somehow elastic, this thing should be taken in consideration.» Reporter (Arabic): «Will this agreement be temporarily?» Bakheet Al-Rashidi, Minister of Oil of Kuwait (Arabic): «All agreements are mainly subjected to market factors and needs. They aim to maintain market stability. If there is an increase, the demand will be subjected to an adjustment to meet the needs of these requirements. We are that flexible.» Reporter (Arabic): «There are those who say that the most affected by these decisions is the United States. Is this is true?» Bakheet Al-Rashidi, Minister of Oil of Kuwait (Arabic): «No comment. I think that their oil market is bigger than everyone else's, it is a global market, so it is normal for everyone to be affected by the effects of this market, whether negative or positive, so our main goal is to maintain its stability.» The Organisation of the Petroleum Exporting Countries (OPEC) announced that they had decided to boost oil production, a decision that was announced at the end of the 174th meeting of the group's Conference in Vienna on Friday. The final document of the meeting notes that «the oil market situation has further improved over the past six months, with the global economy remaining strong». Minister of Energy of United Arab Emirates Sughail al-Mazrouei mentioned the importance of the role of Russia and the OPEC countries in the agreement and expressed optimism that the organisation would bring «stability» to the market.

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