06:22 GMT +321 August 2019
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    Period of OPEC Oil Output Freeze Depends on Vienna Meeting - Iraqi Minister

    © AP Photo / Hasan Jamali
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    The period of oil output freeze by the Organization of the Petroleum Exporting Countries (OPEC) will be determined at the cartel's upcoming November meeting in Vienna, Iraqi Oil Minister Jabbar Ali Hussein Al-Luiebi said.

    ALGIERS (Sputnik), Anastasia Dmitrieva — He added that the cartel members were working very hard to revive the oil market and investments in some sectors of energy to at least 50 percent from before the sharp decline which started in 2014.

    "The period is… maybe nine months, maybe one year it depends on the next meeting and the results of the high technical committee," Al-Luiebi said at a Wednesday press conference after the extraordinary OPEC session in Algiers.

    Earlier on Wednesday, media reported that the OPEC states reached an agreement to freeze daily oil output for the whole organization. The commitment date of oil output freeze will be presented at the cartel's upcoming meeting in November.

    OPEC also decided to establish a technical committee to study a mechanism of sharing oil production between individual countries.

    Related:

    OPEC Decides on Organization's Daily Oil Output of 32.5-33Mln Barrels
    OPEC to Set Up Committee on Identifying Production Volume for Members
    OPEC Oil Output Deal to Come Into Effect After November Summit in Vienna
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