OPEC will convene its next ordinary meeting in Vienna on Nov. 30, the organization announced late Thursday, APA reports quoting Anadolu Agency.
OPEC published its 172nd semi-annual meeting conclusions and confirmed that it analyzed oil market developments since it last met in Vienna at the end of November and reviewed the oil market outlook for the remainder of 2017.
"In line with the decision taken at its 171st meeting, the conference decided to extend its production adjustments for a further period of nine months, with effect from July 1, 2017," the statement read.
It noted that member countries, in agreeing to this decision, confirmed their commitment to a stable and balanced oil market, with prices at levels that are suitable for both producers and consumers.
"The conference thanked all OPEC member countries for their commitment, as reflected in the unprecedented conformity levels to the decision taken. The conference reaffirmed their commitment, individually and collectively, to the decision to extend their production adjustments for a further nine-month period," the cartel noted.
Khalid A. Al-Falih, Saudi Arabia's minister of energy, industry and mineral resources, and president of OPEC said at the meeting that the participants considered many scenarios, an extension of the output cut for six months, nine months and even up to 12 months, as well as higher cut options.
"All indications are that a nine-month extension is optimal. Stocks are likely to hit a five-year average by the year-end. We believe that we will be on target before the year end and that it will bring stability to the market," he noted.