(MENAFN- Kuwait News Agency (KUNA)) VIENNA, May 25 (KUNA) -- Saudi Arabia's Minister of Energy, Industry and Mineral Resources Khalid Al-Falih Thursday said that the decision by ministers of OPEC oil exporting nations on extending production cuts for an additional nine months would be in favor of all producers and global oil market.
Al-Falih, who headed a meeting of ministers from OPEC oil exporting nations, added at a joint news conference with Russian Minister of Energy Alexander Novak that the move would lead to stability at the global market and a recovery for prices.
The decision to slash oil production by one million and 800 barrels per day (bpd) will be implemented by OPEC and nonآmembers alike, including Russia, the world's biggest oil producer, the ministers announced earlier. Al-Falih referred to "positive atmospheres" dominated during the Vienna meetings, saying that the producing countries, which agreed on the Vienna agreement, work well in order to maintain stability at market.
Meanwhile, Novak described results of today's meeting as "very successful". He said that it was the first time in the history of OPEC to maintain commitments to reducing supply of oil, which exceeded 100 percent, adding that the agreement to extend cutting oil production will affect positively global oil market.
He called for continuing to make joint efforts of OPEC and non-OPEC producers to abide by the extension for the next nine months to achieve stability.
Meanwhile, undersecretary of Omani Ministry of Oil and Gas Salem Al-Awfi extolled the decision to cut oil output for another none months, referring to stability and some price recovery at market because of cutting oil production over the last period.
After the meeting, he said in a statement to KUNA that the decision made today by ministers came after extensive discussions containing more than five possible scenarios in the future.
He noted out that the ministers decided to eventually extend the agreement on cutting output for an additional nine months by 1.8 million bpd. (end) amq.hm
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