OPEC, non-members stress need for continued cooperation

OPEC and non-OPEC Arab oil ministers have emphasized the need to "maintain and sustain" cooperation between oil producers who are part of a pact for a global supply cut that is due to expire by year-end, Kuwait’s state news agency KUNA reported on Sunday.

OPEC ministers from Saudi Arabia, the UAE, Kuwait and Algeria along with their counterpart from non-OPEC Oman met in Kuwait on Saturday for an unofficial meeting of a Joint Ministerial Monitoring Committee (JMCC) that monitors compliance with the agreement.

The ministers “stressed the need to maintain the existing cooperation and continue the successful endeavor carried out by the participating countries,” the JMCC said in statement.

“They called for sustaining the current partnership in order to continuously adapt to ongoing market dynamics, in pursuit of the interests of consumers and producers whilst promoting healthy global economic growth,” it added.

The ministers also “emphasized the need for healthy market conditions that stimulate adequate investments in the energy sector, in order to ensure stable oil supplies are made available in a timely manner to meet growing demand and offset declines in some parts of the world.”

The next meeting of JMCC will be held on June 21 in Vienna, the statement added.