OPEC welcomes Iraq, Libya and Nigeria's commitment to cut output[/rtl]
[rtl]Editorial date: 2017/9/22 19:33 • 71 times read[/rtl]
(Reuters) - The Organization of Petroleum Exporting Countries (OPEC) and the independent producers' market monitoring committee on Friday welcomed the commitment of Iraq, Libya and Nigeria to cooperate on cutting production, noting that the commitment to cut output has reached a record high.
The Joint Committee chaired by Kuwait's Oil Minister and Minister of Electricity and Water Essam al-Marzouq welcomed the participation of Iraq, Libya and Nigeria in the work of the committee and reaffirmed its commitment to working closely with other producing countries to ensure the success of the declaration of cooperation on reducing production.
The statement said that the chairman of the OPEC Conference, Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khaled Al-Faleh expressed his solidarity with the Committee by telephone, reiterating the Kingdom's commitment to support and success of the Declaration of Cooperation.
The President of the Conference also reiterated the need for further work by States that did not perform well to the level of their full commitment under the Agreement and thanked Libya and Nigeria for their positive participation and continuous coordination with the countries participating in the Declaration on Mutual Cooperation.
Recent data have confirmed that global oil demand growth in 2017 is better than expected while global demand for oil in 2018 is expected to be strong.
The committee will continue to monitor other factors in the oil market and their impact on the ongoing rebalancing process in the market and leave all options open to ensure that every effort is made to rebalance the market for the benefit of all.
The next meeting of the Joint Commission is scheduled to take place in Vienna on November 29