Russia's Energy Minister Novak Says New OPEC-non-OPEC Deal Will Stabilize Oil Market

OPEC-non-OPEC made an important and compromise decision to further reduce production, it should ensure the stabilization of the situation on the global oil market and is a good signal to continue cooperation within the alliance, Russian Energy Minister Alexander Novak said Friday.

VIENNA (UrduPoint News / Sputnik - 07th December, 2018) OPEC-non-OPEC made an important and compromise decision to further reduce production, it should ensure the stabilization of the situation on the global oil market and is a good signal to continue cooperation within the alliance, Russian Energy Minister Alexander Novak said Friday.

Participants of the OPEC-non-OPEC oil production cut deal agreed during a meting in Vienna earlier in the day to reduce overall oil production by 1.2 million barrels per day.

"It is obvious that today a very important and rational decision was made, a compromise decision on an additional reduction in the volume of production by OPEC and non-OPEC countries .

.. This should ensure, among other things, a better situation in balancing the market," Novak said at a news conference following the OPEC-non-OPEC meeting in Vienna.

Novak also said he was confident that all participants of the agreement would make every effort to fulfill new commitments to reduce oil production in 2019.

"With regard to the implementation, I think we all showed that we are committed to full execution, 100 percent, so, I am sure that all countries will make every effort to ensure the fulfillment of the obligations that were declared today," the minister said.