Vienna hosts OPEC+ Joint Technical Committee meeting
By Sara Israfilbayova
The OPEC/non-OPEC Joint Technical Committee (JTC) meeting will be held in Vienna on August 21-25.
The meeting is planned to discuss ways to increase the rate of obligations under the agreement on the oil output reduction, achieved in late 2016.
Meanwhile, crude prices for fell on the world markets on August 21 ahead of the meeting of the OPEC/non-OPEC Joint Technical Committee.
The price for October futures of Brent oil decreased by 0.21 percent to $52.61 per barrel as, while the price for September futures of West Texas Intermediate (WTI) dropped by 0.12 percent and stood at $48.45 per barrel.
OPEC and other oil producers, such as Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan made a deal in December 2016 to remove 1.8 million barrels a day from the market.
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 and non-members agreed to continue to lower oil production by 1.8 million barrels per day (bpd).
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.
Azerbaijan entirely fulfills its obligations on oil production reduction by 35,000 barrels per day under the output cut deal.
The country produced 793,900 barrels of oil per day in January 2017, 776,400 barrels per day – in February, 733,300 barrels per day – in March, 781,100 barrels per day – in April, 785,300 barrels per day – in May and 793,700 barrels per day in June.
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