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7/1, 9:49 PM (Source: TeleTrader)
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OPEC confirms nine more months of production cuts

The Organization of the Petroleum Exporting Countries (OPEC) confirmed on Monday earlier reports that it will continue its production cuts in the next nine months. After today's meeting, President of the OPEC Conference Manuel Salvador Quevedo (pictured) said that the negotiations were successful and that the countries present agreed to continue their cooperation in the same, cooperative spirit.

He also confirmed that the Secretary-General of OPEC Mohammed Barkindo will retain his position within the organization for the next three years. Saudi Energy Minister Khalid al-Falih said that OPEC's accord with other major suppliers led by Russia, popularly known as OPEC+, will present a proposal a permanent charter of cooperation tomorrow. Said charter, Al-Falih assessed, should be a "positive step towards the stability of energy markets."

Al-Falih also stated that he believes the second half of the year will be more fruitful for the partnership and that other energy ministers assured him that "numbers will be better," admitting that "inventories got out of hands in the past few months."

Breaking the News / MA