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Oil producers affirm commitment to hike crude output

VIENNA, Dec 2 (KUNA) -- Oil producers at the 23rd OPEC and non-OPEC Ministerial Meeting have re-affirmed commitment to increase overall daily output of the crude oil by 400,000 barrels per day as of upcoming January.
The agreement was reached at the virtual meeting, held today, where the conferees reaffirmed continued commitment of the Participating Countries in the Declaration of Cooperation (DoC) to ensure a stable and balanced oil market, according to a conference statement issued on Thursday.
In view of current oil market fundamentals, the meeting resolved to reaffirm previous decisions to increase 400,000 barrels per day effective January 2022.
The meeting remains in session pending further developments of the pandemic and continue to monitor the market closely and make immediate adjustments if required. Moreover, they agreed on holding the next conference at this level on January 4. (end) amg.rk