The Minister of Oil and Gas, Mohamed Aoun, said through statements to Hakomitna platform on Sunday that the agreement to reduce production of crude oil with the countries that joined the Organization of the Exporting Countries “OPEC” and ten countries outside it, and exempting the State of Libya from the cuts due to the prevailing conditions in it, “because we have not reached the production levels of quotas prescribed by the state in particular.”
Aoun added that the compensation for the reduction in production was approved a year after the market returned to its stability, given that the global market exchanged an excess of stock, which affected the market’s transmission.
He stressed that the situation is very comfortable, considering that the countries that were asked to reduce are almost committed to the numbers that were set for them, after agreeing to increase compensation by about 100,000 with specific quotas, and monitor the market and quantities of production for these countries in ministerial meetings monthly.