Minister: OPEC+ countries to reach 100% execution of deal to reduce oil production
Baku, Azerbaijan, March 18
By Sara Israfilbayova - Trend:
The execution of the OPEC+ deal to reduce oil production should reach 100 percent in the following months, the Minister of Energy and Industry of the UAE Suhail Mohamed Al Mazrouei told reporters on the sidelines of the 13th meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Baku, Trend reports March 18.
"In February, we fulfilled our obligations. Our goal is to fulfill commitments 100 percent in the coming months," the minister said.
OPEC and other oil-producing countries that are not part of the cartel agreed in December last year to cut production by 1.2 million barrels per day against the level of October 2018.
According to this decision, 11 OPEC countries participating in the agreement should reduce production by 812,000 barrels per day - to 25.94 mln barrels. In January, according to the report, these countries reduced production by only 698,000 barrels per day - to 26.05 mln barrels. Ten non-OPEC countries will reduce production by 383,000 barrels per day - to 17.937 million barrels.
The agreement is designed for the 1H2019.
The 13th meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) is underway in Baku March 18. A day before the JMMC meeting, Baku hosted the 27th meeting of the Joint Technical Commission.
The today’s meeting participants discuss the current state of the oil market, existing problems and other issues.
The event then features a presentation on the pace of oil market development, and the report of the Joint Technical Commission on production figures for February.
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