VIENNA, June 19 (KUNA) -- Kuwait's Oil Minister and Minister of Electricity and Water Bakheet Al-Rashidi has said that forthcoming 174th Meeting of the OPEC Conference will make the proper decision to maintain stability of the world market.
Al-Rashidi made the statement to KUNA on the KUNA as he arrived in Vienna.
OPEC and non-OPEC producers will not address prices but levels of production to secure further stabilit6y and avoid price volatility. There are no definite views on raising or reducing prices, and the ministerial meeting will make the sound decision for the good of producers, consumers and market stability, he said.
A technical committee from OPEC and non-OPEC - led by Russia- meets on Wednesday to review developments of the world oil markets.
OPEC, and non-OPEC producers agreed in late 2016 to cut output by 1.8 million barrels daily to stabilize the world oil markets. A six-month agreement came into effect on January 1, 2017, and was later extended for nine months as of July 1, 2017.
The Joint Ministerial Monitoring Committee (JMMC) said during a recent meeting that commitment to the deal hit a record, 152 percent.
It said in a recent report that OPEC and non-OPEC countries had started 2018 with an outstanding conformity level with their voluntary production adjustments.
Al-Rashidi will take part on Wednesday the two-day 7th OPEC International Seminar. (end) omg.msa