Non-OPEC oil producing countries signed a charter on cooperation with the Organization of the Petroleum Exporting Countries (OPEC) member states, which will allow to institutionalize cooperation within OPEC+ format, the press service of the Kazakh Energy Ministry said on Saturday
ALMATY (Pakistan Point News / Sputnik - 07th December, 2019) Non-OPEC oil producing countries signed a charter on cooperation with the Organization of the Petroleum Exporting Countries (OPEC) member states, which will allow to institutionalize cooperation within OPEC+ format, the press service of the Kazakh Energy Ministry said on Saturday.
"The participants of the meeting held the signing ceremony of the charter on cooperation between OPEC member countries and non-OPEC [oil producing] states, which will allow to institutionalize the OPEC+ cooperation," the statement said.
According to the statement, the charter is aimed at improving interaction between the OPEC+ countries for the long term period. It will help better understand the fundamental principles of the oil market, promote cooperation between oil producing and consuming countries and will also strengthen the role of oil in the changing global energy balance.
Kazakhstan supported the OPEC+ nations' decision taken on Friday at the conference in Vienna to further reduce oil production by a total of 500,000 barrels per day until the end of the first quarter of 2020. Thus, the country expressed commitment to an additional reduction in oil production by 17,000 barrels per day. Kazakhstan's current obligations under the agreement allow to produce 1.843 million barrels of oil per day.
OPEC and several non-cartel members have been reducing oil production since 2017 to counter oversupply on the global market.
