Russia, Kuwait to meet Iraq, others to discuss OPEC deal
Moscow. Experts from Russia and Kuwait will meet with representatives of Iraq, the United Arab Emirates (UAE), Kazakhstan and Malaysia to discuss the oil production cut deal between OPEC and non-OPEC states. Bloomberg reported on Monday quoting sources familiar with the matter.
OPEC said previously that a technical monitoring committee will meet on Monday and Tuesday in Abu Dhabi to assess difficulties and problems of countries that participate in the deal and to estimate ways to improve their production cut levels to ensure that balance at the world oil market.
OPEC states agreed to reduce production by 1.2 million barrels daily to 32.5 million barrels in November 2016. In December 2016, 11 non-OPEC countries including Russia agreed to cut their combined output by 558,000 barrels. The agreement was concluded for January–June and prolonged for nine more months in May.
The monitoring committee comprises Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia. But not everyone will attend the meeting in Abu Dhabi as previously some members of the committee delegated their powers to chairmen of their delegations, informs Prime.