[size=36]Oil agreement to monitor the market until next July[/size]
Deputy Prime Minister for Energy and Oil Minister stressed on Tuesday the keenness of producers within the Organization of Petroleum Exporting Countries (OPEC) and its allies from outside to achieve the required balance in the world oil markets.
The ministry said in a statement received by Mawazine News, a copy of it, that "the Minister of Oil announced after the conclusion of the work of the ministerial committee to monitor the 14 production in Jeddah, he was listening to reports and statements and schedules of technical committees charged with monitoring and analysis of global markets and the circumstances and effects and challenges faced, The commitment of member states to the agreement to reduce production. "
"There are many challenges facing the world oil markets, including geopolitics due to the political situation and tensions in the region, as well as the instability of oil production in Venezuela, Libya and Nigeria. There are also technical challenges of growing US oil production, The world's oil consuming countries, because of the surplus supply at the expense of demand, all of which represents confusion and instability of the oil markets. "
"The meeting summarized the importance of members commitment to the decision to reduce oil production in order to absorb the surplus oil in world markets, and the task of technical and analytical teams in the Ministerial Committee to monitor the global market until the next ministerial meeting in Vienna in early July, A new agreement aimed at stabilizing global markets and supporting oil prices. "
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