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Saudi minister: World oil reserves may decrease before next OPEC+ meeting

March 19/ 12:15

Baku. Until the next OPEC+ meeting, oil reserves in the world will begin to fall, but not so much to require to take some steps, Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia Khalid Abdulaziz Al-Falih said at a press conference on the results of the 13th meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Baku, Trend reports.

There are more than three months left until the next meeting, so it’s impossible to say something exact now, the minister said, adding that he leaves Baku with the confidence that the market is moving in the right direction.

The 13th meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) was held in Baku March 18. A day before the JMMC meeting, Baku hosted the 27th meeting of the Joint Technical Commission.

The meeting participants discussed the current state of the oil market, existing problems and other issues.

The event then featured a presentation on the pace of oil market development, and the report of the Joint Technical Commission on production figures for February.

New members of the Committee were also announced at the end of the event. The new members are Iraq, Kazakhstan, Nigeria and the UAE.

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