The OPEC hq in Vienna. Photo by DALIBRI, Wikipedia Green.
By Leman Zeynalova
During the Vienna clambake held Nov.30, OPEC members sure to implement a new OPEC-14 production mark of 32.5mb/d, said the cartel’s website.
The decisiveness was made in order to accelerate the ongoing drawdown of the inventory overhang and bring the oil market rebalancing forward-moving.
The agreement will be effective from Jan 1, 2017.
It was also decided to establish a High-flush Monitoring Committee, consisting of oil ministers, and aided by the OPEC Secretariat, to monitor the implementation of the concord.
Member countries, in agreeing to this decisiveness, confirmed their commitment to a stable and counterbalanced oil market, with prices at levels that are fit for both producers and consumers.
In line with direction from the High-level Committee of the ‘Algiers Concur’, the meeting participants also agreed to commit a framework for cooperation between OPEC and non-OPEC producing state on a regular and sustainable basis.
The importance of over-the-counter producing countries joining the agreement was underscored during the concourse.
The duration of this agreement is six months, extendible for another six months to take into balance prevailing market conditions and prospects.
Meantime, Indonesia decided to suspend its OPEC body. OPEC spokesmen said Indonesia could go back to the cartel in the future.
It was decided to hold the following Ordinary Meeting in Vienna, Austria, May 25, 2017.