Qatar Energy Minister Mohammed Bin Saleh Al-Sada is questioned by journalists as he attends the 173rd OPEC Conference in Vienna on November 30, 2017 (AFP / Joe Klamar)
Vienna: Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada said yesterday that the deal to renew the Vienna agreements will enhance the gains made in the oil market and will help rebalance the market and lower the glut of global oil inventories.
Yesterday, both Opec and non-Opec members extended the agreement signed in Vienna in 2016 to cut oil production. Al Sada expressed hope that the agreement will boost investment into exploration projects in the sector.
The Minister added that the agreement succeeded in lowering commercial inventories by more than half and that the results of both Opec and non-Opec countries exceeded the targets of the agreement. President & CEO of QP Saad Sherida Al Kaabi and Qatar’s Ambassador to Austria Sheikh Ali bin Jassim Al Thani also attended the meeting.
OPEC announced today the extension of the oil production-cut agreement signed in Vienna in 2016 so that it remains in place until the end of 2018. Countries also pledged to the amendments of production shares agreed upon. This followed two meetings, the first between members of OPEC and the second between OPEC and non-OPEC countries.
The State of Qatar participated in both meetings with a high-ranking delegation chaired by HE Minister of Energy and Industry Dr Mohammed Saleh Al Sada. The delegation also included
The parties involved in today’s meeting agreed on the same date last year to lower oil production by 1.2 million barrels a day.
