Saudi Energy Minister and Organisation of Petroleum Exporting Countries (OPEC) Conference President, Khalid A. Al-Falih, lauded a «gratifying outcome» achieved thanks to the compliance to the oil output cut deal by OPEC and non-OPEC nations, at the 173rd OPEC Meeting in Vienna, Thursday. Falih commended ongoing oil output curbs — stipulated by the December 2016 'Declaration of Cooperation... Еще' between 24 OPEC and non-OPEC members — for producing positive effects on the market. He went on to note a strong demand and an almost 50-percent decrease of the Organisation for Economic Cooperation and Development (OECD) petroleum stock overhang between May and October. The OPEC Conference president also called for an institutionalisation of the OPEC and non-OPEC framework, adding that «without the support of our non-OPEC partners, the encouraging situation I just described would not have been achieved.» OPEC has reportedly agreed to extend oil output cuts until the end of 2018. The extension of the output cuts has seen OPEC reduce oil production by 1.8 million barrels per day, boosting petroleum prices by 40 percent since the middle of the year.