NOC takes part in 14th OPEC+ meeting to assess oil market's state

NOC takes part in 14th OPEC+ meeting to assess oil market's state

March 07, 2021 - 20:58
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Written By: AbdulkaderAssad

The Libyan National Oil Corporation (NOC) participated in the 14th Ministerial Meeting of the OPEC + alliance held via videoconference, on Thursday.

NOC explained in a statement Sunday that the meeting was attended by Taher Najah, the technical advisor to the Chairman of the Board of Directors and the member of the OPEC Economic Commission Board, representing Mustafa Sanallah.

"The meeting assessed the state of the oil market in terms of supplies, demand and commercial stocks and reviewed the conformity levels of the Member States participating in the Declaration of Cooperation and decided to maintain the current production rates of most member states of the alliance until the end of April 2021." NOC indicated.

It added that as the pandemic continues to impact the oil market fundamentals, the Kingdom of Saudi Arabia confirmed the continuation of reducing its daily production by the amount of one million barrel per day until the end of April to support market stability.

"The meeting also agreed to hold the next Ministerial Meeting on Thursday, April 1, 2021." NOC added.