OPEC, allies agree to maintain current production cuts

After a key meeting in Abu Dhabi on Thursday, OPEC and its allies have agreed to maintain their current production cuts until further review in December.

Saudi Arabia has pledge to further strengthen its voluntary production adjustment to 9.89 million barrels per day in October while Iraq and Nigeria have also announced further cuts.

Meanwhile Suhail Al Mazrouei, the UAE's Minister of Energy and Industry, affirmed that the emirates will keep production levels that achieve market balance.

He also reiterated the country's full support for all measures that would help stabilise and balance the global oil market.

Saudi Arabia's new Energy Minister Prince Abdulaziz bin Salman co-chaired the meeting along with the Russian Energy Minister Alexander Novak.