OPEC oil ministers support new output cuts by Saudi Arabia, Russia

Energy and oil ministers from the Organization of Petroleum Exporting Countries (OPEC) on Wednesday expressed support for the latest production cuts by Saudi Arabia, Russia and Algeria.

Saudi Arabia and Algeria are among OPEC's 13 member states, and Russia is one of the organization's 10 allies. The 23 countries form an oil-producer alliance called the "OPEC+."

Saudi Arabia on Monday extended its voluntary production cut of 1 million bpd into August, while Russia announced plans to cut oil exports by 500,000 bpd in August. Also on Monday, Algeria decided to voluntarily reduce its crude output by another 20,000 bpd in August.

OPEC energy and oil ministers attending the 8th OPEC International Seminar in Vienna on Wednesday "expressed their appreciation" for Saudi Arabia's decision and thanked Russia and Algeria for their latest announcements, OPEC said.

Meeting on the sidelines of the seminar, ministers "took the opportunity to review market conditions and agreed to continue consultation with their non-OPEC counterparts, through already put in place mechanisms ... in their continued efforts to support a stable and balanced oil market," OPEC said.

Ministers from the OPEC+ countries and oil-consuming nations, as well as representatives of international organizations, oil and energy companies, academics, and other industry experts, are attending the 8th OPEC International Seminar.