The Organisation of Petroleum Exporting Countries (OPEC) has been joined by non member states, thus, recording the first OPEC and non-OPEC oil deal since 2001.
Russia, one of the leading non-OPEC producers, with a number of oil producing countries, agreed to a deal in Vienna, Austria on Saturday afternoon.
The deal is expected to see a cut of about 600,000 barrels of oil a day from non-OPEC states, which would further push the price of oil to a record 2016 high.
The details of the deal would be made available to the media later on Saturday.
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Speaking earlier on Saturday Mohammed Bin Saleh Al-Sada, Qatar’s minister of energy and industry and president of the OPEC conference, said the deal is in the interest of the global economy.
“We are very pleased to see so many Ministers and Heads of Delegation from non-OPEC producers present as we look to build on the ‘Vienna Agreement’, the result of the ‘Algiers Accord’,” he said.
“We value your contributions, your readiness to be part of this process and your attendance today for such an important meeting. It is a meeting that is vital for all producers, the oil industry, and the global economy as well.
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I believe everyone here has the sense that right now is one of those historical moments in which we can together positively influence the future; for the benefit of our countries, and for the future stability of the oil industry, and the global economy at large.
Al-Sada and Alexander Novak, minister of energy of the Russian federation chaired the meeting in Vienna.
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