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OPEC and Non-OPEC Participating Countries Agree on Crude Oil Production Adjustments
In a bid to maintain stability in the oil market, OPEC and non-OPEC Participating Countries have announced key decisions during the 35th OPEC and non-OPEC Ministerial Meeting held in Vienna. The meeting emphasized the commitment to achieving a stable oil market and providing long-term guidance for the industry.
The group which pumps around 40 percent of the world's crude oil, gathered for their 35th meeting to decide on new steps for an output-limiting deal as the global market faces flagging oil prices and a looming supply glut. / Picture: © Wikimedia Commons / DALIBRI / CC BY-SA (https://creativecommons.org/licenses/by-sa/3.0)
The participating countries have reconfirmed their dedication to the Framework of the Declaration of Cooperation (DoC), initially signed on 10 December 2016, and further endorsed in subsequent meetings. Additionally, they have extended the Charter of Cooperation, signed on 2 July 2019, as a framework for their collaboration.
As part of their proactive and precautious approach,…
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