Summary: London [UK], Oct 11 (ANI/Sputnik): The Organization of the Petroleum Exporting Countries (
OPEC) downgraded its global oil demand estimate due to changes in economy forecasts for Turkey, Brazil, Argentina, a report by the
OPEC showed Thursday.
In November 2017,
OPEC and non-OPEC oil producing countries agreed to extend production cuts to the end of 2018 to support oil prices.
''The decisions we made were historic and mark the first time in the history of the industry that 24
Opec and non-Opec producers have joined forces to help contribute to improving oil market stability.
A decision was passed in Vienna on July 2, 2019, regarding the extension of the agreement on the reduction of oil production by the countries of
OPEC and non-members of the cartel until the end of the first quarter of 2020.
The decision follows a similar move by
OPEC members on July 1.
Both the charter and the cuts should be finalized in a meeting later Tuesday between
OPEC and OPEC+ representatives.
It is also a well-known fact that
OPEC plays no role in the global market for natural gas and another organisation - the Gas Exporting Countries Forum (GECF) - already exists.
He also stated that the UAE has been a proud member of
Opec for over 50 years, and that by working with likeminded partners, both within and outside of the
Opec organisation, the goal of a more stable, less volatile oil market can be pursued.
On Monday, Qatar announced its decision to withdraw from
OPEC on January 1, 2019, in order to concentrate on boosting its liquefied natural gas production.