OPEC reaffirms commitment to stable global oil market

The Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Meeting has reaffirmed its commitment to a stable global market in the mutual interest of producing countries
The meeting gave the assurance at the end of its virtual 17th OPEC and non-OPEC Ministerial Meeting on Tuesday.
“ In view of current oil market fundamentals and the consensus on its outlook, the meeting reaffirmed the existing commitment of the participating countries in the Declaration of Cooperation (DoC) to a stable market in the mutual interest of producing nations.
“Also, the efficient, economic and secure supply to consumers; and a fair return on invested capital.
“Reconfirmed the existing commitment of the 10th OPEC and non-OPEC Ministerial Meeting in April 2020, amended in June, September, and December 2020, as well as in January and April 2021 to gradually return 2 million barrels a day (mb/d) of the adjustments to the market, with the pace being determined according to market conditions,’’ it said .
It will be recalled that Brent oil advanced above 70 dollars a barrel after the OPEC+ alliance forecast a tightening global market ahead its meeting……TO CONTINUE READING CLICK ONhttps://thefreezonechannel.com/opec-reaffirms-commitment-to-stable-global-oil-market/