[Abu Dhabi 12th Reuters]-The energy ministers of both Saudi Arabia and Russia announced on October 12 the Organization for Petroleum Exporting Countries (OPEC) and the Joint Ministerial Monitoring Committee ("OPM Plus") of oil-producing countries that are not OPEC members such as Russia. In preparation, he called on all oil-producing countries to comply with the coordinated production reduction agreement.
Saudi Minister of Energy Abdul Aziz argues that all oil-producing countries should comply with reduced production, stabilize the market, and show unity of oil-producing countries.
Russia's Novak Energy Minister pointed out that the main goal of OPEC Plus is to maintain a perfect harmony of reduced production, and that the collaborative efforts of oil-producing countries will have a sustained and positive impact on the international crude oil market.
At the meeting on the 12th, the need to strengthen production cuts is considered.
OPEC and oil-producing countries such as Russia agreed in December last year to reduce production by 1.2 million barrels a day from 1 January this year. The reduction period is until March 2020.