Minister of Oil participates in OPEC meeting

Minister of Oil His Excellency Shaikh Mohammed bin Khalifa Al Khalifa participated in an Organization of Petroleum Exporting Countries (OPEC) meeting held in Vienna, the Republic of Austria on December 10, 2016, organized at the headquarters of the OPEC General Secretariat. The meeting had participation of a number of oil ministers from OPEC and non-OPEC oil producer countries.

The meeting was jointly chaired by His Excellency Dr. Mohammed Bin Saleh Al Sada, Minister of Energy and Industry of the State of Qatar and His Excellency Mr. Alexander Novak, Energy Minister of the Russian Federation.

The OPEC member countries had decided at the meeting held on November 30, 2016 to reduce oil production by 1.2 million bpd from January 1, 2017 for a period of six months, renewable for another 6 months, taking into account market conditions and prevailing expectations.

It was also agreed that the oil-producing countries from outside the OAPEC cut their daily oil production by half the 600,000 barrels per day for a stable and balanced oil market and to achieve lasting price stability in the interest of oil producers and consumers.