7,523 violators of residency, labor, and border security laws deported in a week    Video contradicts Israeli army account of deadly March 23 strike on Gaza paramedics    Saudi Arabia spends over $241 million to implement de-mining projects in 3 countries    Italy's Meloni government approves controversial security decree expanding police protections and penalties    Egypt submits new Gaza ceasefire and prisoner exchange proposal: Report    'Everything is possible' — Ronaldo focused on titles, not 1,000-goal milestone after Riyadh Derby win    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    King Salman Global Academy for Arabic Language launches program with Indiana University    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    Saudi Crown Prince, Iranian president discuss regional developments in Eid phone call    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



OPEC+ 9th Extraordinary Ministerial Meeting Held, via Webinar
Published in Saudi Press Agency on 10 - 04 - 2020

Under the co-chairmanship of Prince Abdualziz bin Salman bin Abdulaziz, Minister of Energy and his Russian counterpart Alexander Novak, the 9th extraordinary ministerial meeting of the OPEC+ (Producers of the organization and those outside it) has been held on Thursday, through the Webinar technique for holding meetings on the Internet.
The meeting has welcomed, at the outset, the participation of Argentina, Columbia, Equador, Egypt, Indonesia, Norway, Trinidad and Tobago, in addition to the International Energy Forum, who have taken part, in the meeting, as observers.
Participant states declared their intent to cooperate, including Opec member states and outside producers, have reached agreement on the following:
1 - Reassert ongoing commitment to the Declaration of Cooperation, in order to bring stability to the world oil markets, preserve it, the common interests of the producing countries, secure safe, economical and high-quality supplies for the consumers, with fair returns to invested capitals.
Regarding the currently basic data and the agreed upon prospects of the markets, the participants have reiterated pledge towards the framework of the Declaration of Cooperation, co-signed on Dec. 10, 2016, which has been re-ratified during following meetings, in addition to the Cooperation Charter co-signed on July 03, 2019.
2 - Reducing 10 million b/d out of the total crude production, as of May the 1st, 2020, for 2-month, ending on June 30, 2020, followed by a reduction of 6 million b/d, for 16-month, as of January the 1st until April 30, 2022, with the production during Oct. 2018, taken as the benchmark for the amendments, except for both the Kingdom of Saudi Arabia and the Russian Federation, whose benchmark for each of them is 11 million b/d and the co-signed decision today, shall took effect up to April 30, 2022, however, extending the decision shall be reconsidered on Dec. 2021.
3 - Inviting all big oil producers to contribute to the endeavors exerted to bring stability to the market.
4 - Reasserting the role of the common ministerial committee on monitoring the production reduction accord and extending its mandate as well as membership, to accurately review the general conditions of the market, in addition to the production levels.
5 - Reasserting monitoring commitment to the Declaration of Cooperation shall be implemented on the crude oil production, based on information taken from secondary sources, in accordance with the approach implemented by the Opec member states.
6 - A meeting to be held on June 10, 2020, through the Webinar, shall decide extra measurements that might be required to bring about equilibrium, in the markets.
Opec member states and outside of it producers reached that agreement and shared the Declaration of Cooperation, except Mexico, henceforth, the accord is conditioned to Mexico's approval.


Clic here to read the story from its source.