Saturday 7 December 2019

Opec oil ministers set for crucial Russia meeting

MOSCOW, July 22, 2017

Oil ministers of Organization of the Petroleum Exporting Countries (Opec) will be meeting their counterparts from the non-Opec countries in Saint Petersburg in Russia on tomorrow to assess conformity with a recent output cut resolution, said the Emirati news agency Wam, citing Kuwait's oil minister.

They will look into a report of a key panel of the joint Opec-non-Opec ministerial monitoring committee (JMMC), on the compliance of Opec and non-Opec members with output cut levels for June 2017, stated Essam Al Marzouq.

Opec and non-Opec members had signed a declaration of co-operation in Vienna last December.

The committee will also review during the meeting an Opec report on the situation of the global oil market in June, in addition to more relevant suggestions by member states, revealed Al Marzouq, who is also the Minister of Electricity and Water, said the Wam report.

At the end of the meeting, the JTC will send a report to member states on the outcomes of Saint Petersburg meeting, mainly proposals and recommendations, the Kuwaiti minister noted.

During a meeting in Kuwait in March, the JMMC had recommended the extension of an oil output cut for another six months to keep the global oil market stable.

Tags: Opec | Kuwait | Russia | meeting | minister |

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