OPEC, allies agree to maintain current production cuts


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.

More from Business

Coming Up on Dubai Eye

  • The Agenda with Tom Urquhart

    10:00am - 1:00pm

    Your chance to have your say and debate the issues you love or loathe. It’s the chance to set The Agenda on the big topics of the day.

  • The Music Mix

    1:00pm - 2:00pm

    Enjoy your favourite music back to back commercial free, tune in to the Music Mix everyday from 1 until 2 for the music you love and the news updates you need

On Dubai Eye