After a key meeting in Abu Dhabi on Thursday, OPEC and its allies have agreed to maintain their current production cuts until further review in December.
Saudi Arabia has pledge to further strengthen its voluntary production adjustment to 9.89 million barrels per day in October while Iraq and Nigeria have also announced further cuts.
Meanwhile Suhail Al Mazrouei, the UAE's Minister of Energy and Industry, affirmed that the emirates will keep production levels that achieve market balance.
He also reiterated the country's full support for all measures that would help stabilise and balance the global oil market.
Saudi Arabia's new Energy Minister Prince Abdulaziz bin Salman co-chaired the meeting along with the Russian Energy Minister Alexander Novak.
ADNOC Distribution reports $579 million net profit in first 9 months
TECOM Group’s 9-month shows 20% revenue growth
DFM reports 212% increase in net profit before tax to AED930.8 million
DMCC unveils plans for new financial centre
UAE cuts key interest rate by 25 basis points
