OPEC + monitoring committee to meet on August 21
By Sara Israfilbayova
The next meeting of the OPEC + Technical Committee will be held on August 21 in Vienna.
The meeting will mull conclusions made during the meeting of the OPEC Technical Committee in Abu Dhabi on August 7-8, 1prime reported.
The objective of the meetings was to discuss conformity with the voluntary production adjustments outlined in the extension of the Declaration, which became effective on July 1, 2017
Following the meeting, Iraq, the United Arab Emirates (UAE), Kazakhstan and Malaysia confirmed their commitments to the oil cut pact.
OPEC said that these countries all expressed their full support for the existing monitoring mechanism and their willingness to fully cooperate with the Joint OPEC-Non-OPEC Technical Committee (JTC) and the Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) in the months ahead to achieve the goal of reaching full conformity.
In May 25, OPEC members agreed to extend their previous agreement by nine more months to March 2018 to lower oil output. At the meeting in Vienna, the members agreed to continue to lower oil production by 1.2 million barrels per day (bpd) down to 32.5 million bpd.
With non-OPEC participants, the oil production cut will see 1.8 million bpd, equal to 2 percent of global production. This is the organization's second production cut in the last two years, and its second intervention in the global oil market since mid-2014 when oil prices began to fall.
The Ministerial Monitoring Committee and the Technical Committee of OPEC + experts were established to monitor compliance with the agreement and make recommendations on how to adjust its conditions. The committees include representatives of Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia.
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