It Is Premature To Discuss Alternative Actions To Maintain Market Stability: OPEC Chief

Umer Jamshaid Published September 11, 2019 | 12:15 AM

OPEC Secretary General Mohammed Barkindo has re-affirmed the determination of OPEC and Non-OPEC members to take all necessary measures to maintain global market stability

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 11th Sep, 2019) OPEC Secretary General Mohammed Barkindo has re-affirmed the determination of OPEC and Non-OPEC members to take all necessary measures to maintain global market stability.

"The commitment of all the 24 countries participating in the (output cut) agreement is as strong as the rock of Jebel Tarik," he told the Emirates New Agency (WAM) on the sidelines of the World Energy Congress, now running in the UAE capital.

"The Joint Technical Committee set up by the Joint Ministerial Monitoring Committee (JMMC) will meet tomorrow in Abu Dhabi, September 11, to review the production data of all the participating countries and to review market developments as a result of the actions we have been taking over the past period.

Their report will be submitted to the JMMC in their meeting on September 12," he added.

"It is quite premature for us to begin to discuss alternative actions to what we have already taken. Our decision is data-driven and will make recommendations to the Ministerial Meeting according to our review of the situation."

The OPEC Chief did not expect any change in Saudi oil policy following the appointment of new Energy Minister, Prince Abdulaziz bin Salman bin Abdulazizin the kingdom.