The decision was made in order to accelerate the ongoing drawdown of the stock overhang and bring the oil market rebalancing forward.

The agreement will be effective from January 1, 2017.

It was also decided to establish a High-level Monitoring Committee, consisting of oil ministers, and assisted by the OPEC Secretariat, to monitor the implementation of the agreement.

Member countries, in agreeing to this decision, confirmed their commitment to a stable and balanced oil market, with prices at levels that are suitable for both producers and consumers.

In line with recommendations from the High-level Committee of the ‘Algiers Accord’, the meeting participants also agreed to institutionalize a framework for cooperation between OPEC and non-OPEC producing countries on a regular and sustainable basis.

The importance of other producing countries joining the agreement was underscored during the meeting.

The duration of this agreement is six months, extendable for another six months to take into account prevailing market conditions and prospects.

Meanwhile, Indonesia decided to suspend its OPEC membership. OPEC spokesmen said Indonesia could return to the cartel in the future.

It was decided to hold the next Ordinary Meeting in Vienna, Austria, May 25, 2017.