Baku, Azerbaijan, March 19
By Fakhri Vakilov - Trend:
Kazakhstan, as well as Iraq, Nigeria and the United Arab Emirates became members of the OPEC+ Joint Ministerial Monitoring Committee (JMMC), Trend reports via Kazakh media.
Minister of Energy of Kazakhstan Kanat Bozumbayev in January announced OPEC’s interest in Kazakhstan’s membership.
"Kazakhstan does not want to get into the monitoring committee of OPEC +, they invited us to it, there is a big difference. Kazakhstan agreed to an invitation to such a solid organization," Bozubayev said.
At the expanded February meeting of the board of the Ministry of Energy in Astana, the ministry confirmed that Kazakhstan will attend the meeting in Baku.
The committee monitors compliance with the OPEC + agreement and develops recommendations for its adjustment.
At a meeting on June 25, the OPEC + monitoring committee plans to decide on the level of oil production in the second half of 2019.
The committee reviews market development scenarios and, on the basis of this analysis, makes recommendations to OPEC + countries on the necessary actions. The work of the committee is supported by the technical monitoring committee, which presents to the ministers the current market analysis and options for its development in the implementation of a particular scenario.
OPEC and a number of oil-producing countries that are not part of the cartel, in December 2018 agreed to cut production by 1.2 million barrels per day from the level of October 2018. OPEC countries should reduce production by 812,000 barrels per day, and the remaining ten participants in the transaction - by 383,000 barrels per day. In particular, Russia pledged to reduce production by 228,000 barrels per day. The agreement is designed for the first half of 2019 with the possibility of revision in April.
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