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Saudi minister says Russia led consultations process with OPEC

December 10, 2016, 20:41 UTC+3

Historic accord on reducing oil production will definitely stabilize markets, the minister stressed

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© AP Photo/Jae C. Hong

VIENNA, December 10. /TASS/. Agreement on reducing oil production will stabilize global markets, the Energy Ministry of Saudi Arabia Khalid al-Falih said during the joint press conference following OPEC and non-OPEC meeting in Vienna. The agreement on reducing oil production volume is not closed, other countries can join as well.  

Agreement between non-OPEC countries to cut oil production is a "historic moment", the energy minister of Saudi Arabia noted. 

He also said he was sure that all countries would comply will agreements on oil production cuts. Next meeting of OPEC with non-OPEC countries will be held in June.

The agreement on optimization of oil production was joined by 11 non-OPEC states. Bolivia is the only non-OPEC nation which declined to join the agreement.

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