Energy ministers from the Organisation of Petroleum Exporting Countries (OPEC) convened in Vienna on Wednesday during the 8th OPEC International Seminar. They expressed gratitude towards Saudi Arabia for extending its voluntary cut of 1 million barrels per day for August. The 8th OPEC International Seminar in Vienna addressed critical issues in the energy industry, focusing on the energy transition, technological innovation, sustainable development, and energy policies. Ministers, industry leaders, experts, and analysts will convene to discuss key topics affecting the petroleum industry, enhancing cooperation and dialogue.
Additionally, the ministers thanked Russia and Algeria for their voluntary reductions in exports, amounting to 500,000 barrels per day and 20,000 barrels per day respectively, for the upcoming month.
The ministers also assessed market conditions and agreed to maintain ongoing consultations with their non-OPEC counterparts. They will utilize established mechanisms such as the Joint Ministerial Monitoring Committee (JMMC) and the OPEC and non-OPEC Ministerial Meeting (ONOMM) to ensure the stability and balance of the oil market.
