OPEC+ to mull output deal implementation in Vienna
Vienna. The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) meeting will be held in Vienna Sept.22, during which the parties will discuss the implementation of the oil output cut deal.
The ministers’ meeting will be held following the Joint OPEC-Non-OPEC Technical Committee (JTC) meeting that will also take place in Vienna Sept.20, Trend agency reports.
“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,” said the message on OPEC’s website.
Earlier, Iraqi oil minister Jabar al-Luaibi said that Iraq and some other oil producing countries believe that it is necessary to reduce the crude output be 1 percent more.
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.