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Austria: Russia's Novak arrives for JMMC meeting at OPEC headquarters01:30

Austria: Russia's Novak arrives for JMMC meeting at OPEC headquarters

Austria, Vienna
May 24, 2017 at 12:49 GMT -00:00 · Published

Russian Energy Minister Alexander Novak was seen arriving alongside his Venezuelan and Kuwaiti counterparts at the OPEC Headquarters in Vienna, Wednesday, for the third meeting of the Joint OPEC and non-OPEC Ministerial Monitoring Committee (JMMC).

The terms of extension of the oil output cuts agreed late last year will reportedly top the agenda of the meeting.

The talks are taking place just a day before the 172nd Meeting of the OPEC Conference and 2nd OPEC and non-OPEC Ministerial Meeting, which will be held on Thursday in the Austrian capital.

On December 10, 2016, the 24 OPEC and non-OPEC producers for the first time in 15 years signed an unprecedented 'Declaration of Cooperation' in Vienna. The accord is aimed at reducing stock overhang and rebalancing the oil market by curbing crude output by around 1.8 million barrels a day starting from January 1, 2017.

Austria: Russia's Novak arrives for JMMC meeting at OPEC headquarters01:30
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Russian Energy Minister Alexander Novak was seen arriving alongside his Venezuelan and Kuwaiti counterparts at the OPEC Headquarters in Vienna, Wednesday, for the third meeting of the Joint OPEC and non-OPEC Ministerial Monitoring Committee (JMMC).

The terms of extension of the oil output cuts agreed late last year will reportedly top the agenda of the meeting.

The talks are taking place just a day before the 172nd Meeting of the OPEC Conference and 2nd OPEC and non-OPEC Ministerial Meeting, which will be held on Thursday in the Austrian capital.

On December 10, 2016, the 24 OPEC and non-OPEC producers for the first time in 15 years signed an unprecedented 'Declaration of Cooperation' in Vienna. The accord is aimed at reducing stock overhang and rebalancing the oil market by curbing crude output by around 1.8 million barrels a day starting from January 1, 2017.

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