15:29 - 2.07.2019

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July 2, Fineko/abc.az. OPEC has approved an extension of the OPEC+ deal by 9 months and agreed on a Charter for long-term cooperation.

Iraqi Oil Minister Amir Gabdan informed that OPEC endorsed the extension of the deal on OPEC+ oil production cuts by another 9 months and adopted the Charter of the OPEC+ long-term agreement.

OPEC reports following the meeting that the agreements on production cuts are extended from 1 July 2019 to 31 March 2020.

In turn, the non-OPEC countries also approved the long-term cooperation Charter and joined the extension of the deal by 9 months.

Russian Energy Minister Alexander Novak says that the oil-producing countries out of OPEC have approved the Charter for long-term cooperation.

Saudi Arabian Oil Minister Khalid Al-Falih informed that the non-OPEC countries joined the decision on nine month extension.

A decision was also made that OPEC’s next meeting will be held in Vienna on 5 December.