OPEC reaffirms commitment to achieving balance in oil market

OPEC reaffirms commitment to achieving balance in oil market

OPEC remains fully committed to achieving balance in the oil market through the OPEC+ deal, according to the statement posted on the organization's website.

"OPEC remains fully committed to achieving and sustaining balance and stability in the market, through the organization, and with the landmark 'Declaration of Cooperation', alongside 10 participating non-OPEC countries," the statement says.

The statement added that the organization appreciates the continued interest of producers wanting to join OPEC. In particular, OPEC has seen Gabon rejoin the organization and welcomed new members Equatorial Guinea and the Republic of the Congo in the past three years.

Yesterday Qatar said that it will withdraw from the OPEC on January 1, 2019.

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