This site uses cookies. By accepting cookies you can optimise your browsing experience. Read more.
Austria: OPEC calls for full compliance with oil reduction deal03:17

Austria: OPEC calls for full compliance with oil reduction deal

Austria, Vienna
January 22, 2017 at 18:41 GMT +00:00 · Published

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.

Austria: OPEC calls for full compliance with oil reduction deal03:17
No Account? Sign up!
Description

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.

Top downloads in last 24 hours
02:26
Serbia: World's longest sausage coil presented in Turija in annual traditionSerbia: World's longest sausage coil presented in Turija in annual tradition
February 27, 2021 at 19:29 GMT +00:00
04:28
Japanese sound reduction booth enables musicians to practice at home without annoying neighboursJapanese sound reduction booth enables musicians to practice at home without annoying neighbours
February 26, 2021 at 18:02 GMT +00:00
Pool for subscribers only
00:55
Antarctica: Gigantic iceberg separates from Brunt Ice ShelfAntarctica: Gigantic iceberg separates from Brunt Ice Shelf
February 28, 2021 at 06:10 GMT +00:00
02:29
Iraq: Protests continue in Nasiriyah day after Dhi Qar governor resignsIraq: Protests continue in Nasiriyah day after Dhi Qar governor resigns
February 27, 2021 at 20:02 GMT +00:00
02:59
Argentina: Demonstrators protest in Buenos Aires over 'VIP vaccine' scandalArgentina: Demonstrators protest in Buenos Aires over 'VIP vaccine' scandal
February 28, 2021 at 02:49 GMT +00:00
04:17
Yuyuan Garden illuminated as Lantern Festival kicks off in Shanghai despite pandemicYuyuan Garden illuminated as Lantern Festival kicks off in Shanghai despite pandemic
February 27, 2021 at 14:20 GMT +00:00
01:54
Iran: 'Snow Moon' lights up skies over TehranIran: 'Snow Moon' lights up skies over Tehran
February 27, 2021 at 23:43 GMT +00:00
02:32
France: 'Yellow Vest' protesters march through Paris against Macron policiesFrance: 'Yellow Vest' protesters march through Paris against Macron policies
February 28, 2021 at 00:18 GMT +00:00
02:15
Denmark: Hundreds of anti-lockdown protesters march through CopenhagenDenmark: Hundreds of anti-lockdown protesters march through Copenhagen
February 28, 2021 at 01:10 GMT +00:00
02:06
Tunisia: Ennahda Movement supporters rally in Tunis amid rising political tensionTunisia: Ennahda Movement supporters rally in Tunis amid rising political tension
February 27, 2021 at 16:25 GMT +00:00
02:30
Myanmar: At least 4 reported dead as police crack down on anti-coup protestersMyanmar: At least 4 reported dead as police crack down on anti-coup protesters
February 28, 2021 at 09:07 GMT +00:00
Pool for subscribers only
00:49
Kazakhstan: Russia’s weather satellite launches from Baikonur CosmodromeKazakhstan: Russia’s weather satellite launches from Baikonur Cosmodrome
February 28, 2021 at 08:03 GMT +00:00
03:00
Spain: Several arrested at Barcelona rally over jailed rapper Pablo HaselSpain: Several arrested at Barcelona rally over jailed rapper Pablo Hasel
February 27, 2021 at 22:41 GMT +00:00
02:06
Chile: Police use water cannon and tear gas against protesters in SantiagoChile: Police use water cannon and tear gas against protesters in Santiago
February 27, 2021 at 14:47 GMT +00:00
01:49
Armenia: Opposition accuse authorities of 'provocation attempts' during Yerevan rallyArmenia: Opposition accuse authorities of 'provocation attempts' during Yerevan rally
February 27, 2021 at 19:23 GMT +00:00
02:37
Germany: Dusseldorf imposes loitering ban on Rhine promenade amid pandemicGermany: Dusseldorf imposes loitering ban on Rhine promenade amid pandemic
February 27, 2021 at 20:14 GMT +00:00
02:31
Germany: Hundreds march in support of imprisoned Greek militantGermany: Hundreds march in support of imprisoned Greek militant
February 27, 2021 at 21:45 GMT +00:00
View all videos