OPEC and other oil exporting producers are expected to agree on a mechanism to monitor their crude production before the end of the year, Reuters reported citing Kuwaiti Oil Minister Bakhit al-Rashidi.
A committee set up by the Organization of the Petroleum Exporting Countries and allied non-OPEC exporters would review their crude output at a meeting in Algeria next month, he told reporters while touring an electricity station.
“The production numbers of OPEC and (countries) outside OPEC will be reviewed at the meeting in Algeria, and before the end of the current year, there will be an agreement on a mechanism to monitor output next year,” he said.
Oil markets should “remain stable” until the end of the year, he added.
The committee that will meet in Algeria on Sept.23, known as the JMCC, is chaired by Saudi Arabia and includes OPEC members Algeria, Kuwait, United Arab Emirates and Venezuela, as well as non-OPEC members Oman and Russia.
Iran asked to attend the meeting to defend its market share which could be impacted by U.S. sanctions due to take effect on its oil industry in November.
After months of underproduction aimed at bolstering crude prices, OPEC agreed with Russia and other oil producing allies to raise output from July.
Saudi Arabia said the deal allowed countries able to produce more to meet the group’s overall conformity level, meaning some members, such as itself, could make up for shortfalls elsewhere. Iran, which faces U.S. sanctions, disagreed and criticized Saudi plans to boost output above targeted levels.