OPEC seeks to invite Libya, Nigeria to Vienna meeting
By Sara Israfilbayova
The Organization of the Petroleum Exporting Countries intends to invite Libya and Nigeria to the next meeting of the Joint OPEC-Non-OPEC Technical Committee (JTC) or the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC).
The next JMMC Meeting is scheduled for September 22 in Vienna.
The Cartel of 14 oil nations added that the JMMC will continue to monitor other factors in the oil market and their influence on the ongoing market rebalancing process.
“All options, including the possible extension of the Declaration of Cooperation beyond Q118, are left open to ensure that all efforts are made to rebalance the market for the benefit of all,” the OPEC reported.
The JMMC was established following OPEC’s 171st Ministerial Conference Decision of 30 November 2016, and the subsequent Declaration of Cooperation made at the joint OPEC-Non-OPEC Producing Countries’ Ministerial Meeting held on 10 December 2016.
The meeting sow 11 (now 10) non-OPEC oil producing countries agree with the 13 (now 14) OPEC Member Countries in a concerted effort to accelerate the stabilization of the global oil market through voluntary adjustments in total production of around 1.8 million barrels per day. The deal that came into effect on 1 January 2017 was for six months.
In May 2017, the OPEDC and non-OPEC states agreed to extend the voluntary production adjustments for another nine months commencing 1 July 2017.
Libya and Nigeria were both exempted from the OPEC oil output cut deal.
The JTC earlier reported that the compliance level of OPEC and participating non-OPEC countries has dropped from 98 percent in June to 94 percent in July.
Compliance with the deal has been high so far but OPEC production hit a 2017 peak in July, in part on increased output from Libya and Nigeria.
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