OPEC+ monitoring committee to discuss US shale oil production Friday
Vienna. OPEC+ Joint Ministerial Monitoring Committee plans to discuss the US shale oil production on Friday. Russia’s Energy Minister Alexander Novak told.
"In the context of the overall market situation, of course," he said when asked whether the ministerial monitoring committee plans to discuss this issue at the meeting.
The fifth meeting of the OPEC+ ministerial monitoring committee that is due later in the day will see ministers of OPEC and non-OPEC nations summing up the results of delivery of the agreement on oil production cap for August and eight months. They will also discuss the issue of oil production growth in Libya and Nigeria, which are outside of the agreement.
In late 2016, OPEC member-states and 11 independent oil-exporting countries entered into an agreement to reduce oil production. According to that agreement, during the first half of 2017 the participants were to withdraw 1.8 million barrels per day from the oil market in comparison with the level of October 2016, reported TASS.
In May 2017, at the meeting in Vienna, the countries extended the agreement until April 2018, maintaining the previous quotas for all participants. The purpose of the agreement is to reduce global oil reserves to the average level of the last five years.