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Austria: OPEC comes close by extending oil-output cut by 9 months00:47

Austria: OPEC comes close by extending oil-output cut by 9 months

Austria, Vienna
May 24, 2017 at 14:33 GMT -00:00 · Published

Russian Energy Minister Alexander Novak said that the Joint OPEC and non-OPEC Ministerial Monitoring Committee (JMMC) had come to an agreement to extend the oil production curbs agreed last year for another nine months. The announcement was made at the OPEC Headquarters in Vienna, Wednesday, following the JMMC meeting.

"We have made a decision to extend oil-supply cuts for nine months and will recommend such a decision for the OPEC and non-OPEC Ministerial Meeting which is scheduled for tomorrow," he said.

Novak stressed the JMMC member states had found the first results of the supply reductions "positive."

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: OPEC comes close by extending oil-output cut by 9 months00:47
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Russian Energy Minister Alexander Novak said that the Joint OPEC and non-OPEC Ministerial Monitoring Committee (JMMC) had come to an agreement to extend the oil production curbs agreed last year for another nine months. The announcement was made at the OPEC Headquarters in Vienna, Wednesday, following the JMMC meeting.

"We have made a decision to extend oil-supply cuts for nine months and will recommend such a decision for the OPEC and non-OPEC Ministerial Meeting which is scheduled for tomorrow," he said.

Novak stressed the JMMC member states had found the first results of the supply reductions "positive."

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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