Oil Minister participates in OPEC meeting in Vienna

Vienna, Oct. 6 (BNA): Oil and Environment Minister and Special Envoy for Climate Affairs Dr. Mohammed bin Mubarak Bin Dainah participated in 33rd OPEC and non-OPEC Ministerial Meeting in Vienna. The meeting witnessed the attendance of ministers of energy and oil from various countries of the world. It discussed the agreement upon oil production, the possibility of reducing production, and other important topics related to this vital sector. The minister affirmed the importance of the meeting, which contributes to enhance cooperation, exchange ideas and expertise, and work to support market stability amid the geopolitical and economic challenges the world is going through. He stressed his support to cooperation between producers and consumers to face challenges, find solutions, and maintain the stability and sustainability of the oil market in a way that serves the global economy. Bin Dainah said the meeting witnessed an agreement to reduce oil production by 2 million barrels per day during the month of November, due to the aim of supporting market stability and avoid collapse. OPEC + group had agreed to reduce oil production by 100,000 barrels per day in October in their meeting last month.