03:17Austria: OPEC calls for full compliance with oil reduction deal
The Joint OPEC and non-OPEC Ministerial Monitoring Committee (JMMC) announced that the participating countries had agreed on forming a joint technical committee to monitor oil output levels, at a press conference held at the Organisation of the Petroleum Exporting Countries (OPEC) headquarters, in Vienna, Sunday.
During the press conference, following the JMMC meeting, Chairman of the JMMC and Kuwait's Oil Minister, Essam Al-Marzouk, noted that delegates to the technical committee would represent all five members’ states of the Ministerial Monitoring Committee, including Russia, Oman, Venezuela, Kuwait and Algeria, plus Saudi Arabia which is to serve as this year's president of the OPEC.
Al-Marzouk also discussed the issue of compliance with the oil production cut deal, stressing that the committee "will not accept anything less than a 100-percent compliance."
Commenting on the progress of the accord, Russian Energy Minister and Alternate Chairman of the JMMC, Alexander Novak, stated that "the joint deal is being fulfilled by all [participating] countries" before adding that "there are no grounds to doubt that the agreements, which had been reached on December 10 of last year, are being implemented."
The JMMC was established following OPEC's 171st Ministerial Conference Decision of 30 November, 2016 and the subsequent 'Declaration of Cooperation' settled between the OPEC and non-OPEC countries on 10 December, 2016. Last December, 24 OPEC and non-OPEC countries agreed to curb global oil output in a landmark deal dubbed as a 'Declaration of Cooperation' in Vienna.
The accord is aimed at reducing stock overhang and rebalancing the oil market by curbing crude outcome by some 1.8 million barrels per day, starting from January 1st, 2017, for the first 6 months of the year. In May, the cartel is expected to convene in order to decide on the extension of the output reduction measures together with non-OPEC countries.
03:17The Joint OPEC and non-OPEC Ministerial Monitoring Committee (JMMC) announced that the participating countries had agreed on forming a joint technical committee to monitor oil output levels, at a press conference held at the Organisation of the Petroleum Exporting Countries (OPEC) headquarters, in Vienna, Sunday.
During the press conference, following the JMMC meeting, Chairman of the JMMC and Kuwait's Oil Minister, Essam Al-Marzouk, noted that delegates to the technical committee would represent all five members’ states of the Ministerial Monitoring Committee, including Russia, Oman, Venezuela, Kuwait and Algeria, plus Saudi Arabia which is to serve as this year's president of the OPEC.
Al-Marzouk also discussed the issue of compliance with the oil production cut deal, stressing that the committee "will not accept anything less than a 100-percent compliance."
Commenting on the progress of the accord, Russian Energy Minister and Alternate Chairman of the JMMC, Alexander Novak, stated that "the joint deal is being fulfilled by all [participating] countries" before adding that "there are no grounds to doubt that the agreements, which had been reached on December 10 of last year, are being implemented."
The JMMC was established following OPEC's 171st Ministerial Conference Decision of 30 November, 2016 and the subsequent 'Declaration of Cooperation' settled between the OPEC and non-OPEC countries on 10 December, 2016. Last December, 24 OPEC and non-OPEC countries agreed to curb global oil output in a landmark deal dubbed as a 'Declaration of Cooperation' in Vienna.
The accord is aimed at reducing stock overhang and rebalancing the oil market by curbing crude outcome by some 1.8 million barrels per day, starting from January 1st, 2017, for the first 6 months of the year. In May, the cartel is expected to convene in order to decide on the extension of the output reduction measures together with non-OPEC countries.