"OPEC" agrees to extend the "production reduction" agreement another 9 months

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22:01 01.07.2019(Updated 22:27 01.07.2019) .

After a meeting of more than 6 hours, OPEC concluded its meeting in the Austrian capital Vienna.

Vienna – .. The Organization of the Petroleum Exporting Countries (OPEC) agreed on Monday to keep Secretary-General Mohammed Sanusi Barkindo in office for a second term.

"I am very happy that HE Mohamed Sanusi Barkindo has another three years as OPEC Secretary-General," Manuel Kevedo told a news conference after OPEC talks.

A source at an OPEC delegation said on Monday that the OPEC countries had decided to hold the next ministerial meeting of the Organization on 5 December.

The source told . that the meeting would be "on 5 December."

According to the Agence France-Presse (AFP) said an OPEC minister that the meeting reached an agreement to extend the current production levels for another nine months.

Reuters quoted the Iraqi oil minister as announcing the approval of OPEC's charter and independent producers.

For his part, the Saudi Energy Minister said that the world economy in the second half of the year looks better than it appeared a week ago.