The non-OPEC countries approved the long-term cooperation Charter and joined the extension of the deal for 9 months

Oil-producing countries outside OPEC have approved a long-term Charter on cooperation, Russian energy Minister Alexander Novak said, Interfax reports.

"The Charter should become the Foundation of our future cooperation," he said.

Novak invited OPEC+ delegates to vote for its adoption by raising their hands. It was adopted unanimously.

The head of the Ministry of energy of Saudi Arabia Khalid al Falih also said that the non-OPEC countries joined the OPEC decision to extend the transaction for 9 months. "The extension of the agreement for 9 months has been agreed and physically signed by all 24 OPEC+ countries," he said.

On the eve of OPEC countries approved the extension of the transaction to limit oil production for another 9 months - until the end of March 2019. At the same time, the terms of the deal remain unchanged - OPEC countries should maintain restrictions on oil production at the level of 800 thousand barrels per day lower compared to October 2018. Countries non-OPEC should maintain restrictions on the production of 400 thousand barrels.

The non-OPEC countries completed the meeting in a narrow format and signed an agreement to extend the deal to limit oil production for another 9 months, INTERFAX notes.

Source: Nebit-Gaz