OPEC+ ministers review market conditions

OPEC+ energy and oil ministers reviewed the market conditions and agreed to continue talks with their non-OPEC+ allies on Wednesday during the 8th OPEC International Seminar in Vienna.

“The ministers took the opportunity to review market conditions and agreed to continue consultation with their non-OPEC+ counterparts…in their continued efforts to support a stable and balanced oil market,” an OPEC+ statement read.

The ministers also expressed their appreciation to Saudi Arabia “for extending its 1 [million barrels per day] voluntary cut for August,” while they also thanked Russia for its additional voluntary reduction of exports by 500 kbd and Algeria for its additional voluntary cut of 20kbd for August 2023.

Later on Wednesday, OPEC Secretary General Haitham al-Ghais told the Emirati News Agency (WAM) that there were discussions with four new countries, including Azerbaijan, Malaysia, Brunei and Mexico, to join the organization.