Today, OPEC Energy and Oil ministers attending the 8th OPEC International Seminar in Vienna met on the sidelines of the event.
The Ministers took the opportunity to review market conditions and agreed to continue consultations with their non-OPEC counterparts, through already put in place mechanisms including JMMC and ONOMM meetings, in their continued efforts to support a stable and balanced oil market.
The Ministers also expressed their appreciation to the Kingdom of Saudi Arabia for extending its 1 mbd voluntary cut for the month of August. They also thanked the Russian Federation for its additional voluntary reduction of exports by 500 kbd and Algeria for its additional voluntary cut of 20kbd for the month of August 2023
