Omani and Kuwaiti oil ministers on Monday (April 16th) called on OPEC and non-OPEC producers to continue their unprecedented co-operation to maintain stability in the energy market, AFP reported.
Producers from the OPEC oil cartel and non-OPEC countries struck a deal in 2016 to trim production by 1.8 million barrels per day to rebalance the market after its collapse in 2014.
The deal, which runs out at the end of this year, has succeeded in boosting oil prices above $70 a barrel from below $30 a barrel in early 2016.
"I call for the signatories of the (co-operation) declaration agreement, those 24 nations from OPEC and non-OPEC, to continue the dialogue, the understanding and commitment in maintaining the market conditions that will encourage investment," Omani Oil Minister Mohamed al-Rumhi told an oil conference in Kuwait.
He also called for enhancing "collaboration and working together to ensure security of supply for consumers and security of demand for producers".
Kuwait's Oil Minister Bakheet al-Rasheedi said he believes that oil producers were on the right path to restore stability to the oil market.
