The OPEC said: "Member Countries reaffirmed their continued focus on fundamentals for a stable and balanced oil market, in the interests of producers, consumers, and the global economy."
The Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to keep their oil supply at 9.7 million barrels per day (mbd) until 31 July.
The announcement was given by Iran's Oil Minister Bijan Zanganeh. "It was decided to extend the 9.7 million limit for one more month," the minister said in a videoconference attended by the countries responsible for the 60 percent of the global oil supply.
Zanganeh also announced that Iraq and other countries, which did not fully comply with the commitment to reduce production by 23 percent during May and June, will withdraw from the market those millions of barrels that pumped above the established quota.
In a public statement the OPEC said: "Member Countries reaffirmed their continued focus on fundamentals for a stable and balanced oil market, in the interests of producers, consumers, and the global economy."
