- OPEC agreed with Russia and other oil-producing allies to raise output from July
- OPEC and non-OPEC said in their joint statement after that meeting that they would raise supply by returning to 100 percent compliance with previously agreed output cuts
DUBAI: United Arab Emirates Energy Minister Suhail Al-Mazrouei said on Tuesday that OPEC will aim to adhere to the group鈥檚 鈥渙verall conformity levels鈥� for the rest of 2018 and that the UAE is ready to help alleviate any oil possible supply shortage.
鈥淥PEC will, from July 1st, strive to adhere to the overall conformity levels for the remaining duration of the Declaration of Cooperation,鈥� Mazrouei, who holds the OPEC presidency for 2018, said in a statement. The joint OPEC and non-OPEC producers鈥� committees will monitor overall compliance, he added.
鈥淥PEC and non-OPEC countries participating in the Declaration of Cooperation remain unwavering in their commitment to contribute to market stability, in the interests of producers, consumers and the global economy,鈥� Mazrouei said.
On June 23, OPEC agreed with Russia and other oil-producing allies to raise output from July, with 抖阴短视频 pledging a 鈥渕easurable鈥� supply boost but giving no specific numbers.
OPEC and non-OPEC said in their joint statement after that meeting that they would raise supply by returning to 100 percent compliance with previously agreed output cuts that are set to continue until the end of 2018, when the Declaration of Cooperation is due to expire.
Some countries have been underproducing the targets specified by the Declaration of Cooperation, so returning to 100 percent compliance would increase output by around 1 million barrels per day, OPEC officials said.