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OPEC, non-OPEC producers agree on monitoring cut output
January 23, 2017, 9:16 am
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The press conference of the ministerial monitoring committee of both OPEC and non-OPEC producers.

The ministerial monitoring committee of both OPEC and non-OPEC producers on Sunday agreed on setting a monthly mechanism to monitor oil production cut levels.

The move aims to ensure the commitment to cutting oil production in line with the decision taken during Vienna's conference on December 10, last year, in order to boost prices and stability in the global oil market.

Speaking at a news conference, head of the monitoring committee and Kuwait's Oil Minister Essam Al-Marzouq said the OPEC Secretariat will submit a monthly report on data about crude oil production of OPEC and non-OPEC countries.

Al-Marzouq, who chairs the five-member ministerial compliance committee, added that they would not accept anything less than a 100 percent compliance.
The other members of the committee are OPEC's Algeria and Venezuela, and non-OPEC Russia and Oman.

The evaluation of production of any country will be based on data on output which is submitted by the OPEC Secretariat, he added. The committee's member states have the right to nominate a technical expert to form a joint technical committee to support oil ministers, he indicated.

The joint technical committee will cooperate regularly with the OPEC Secretariat in preparing the monthly report before presenting it to the ministerial committee by the 17th of every month.

The ministerial committee will convene after the 17th of every month and ahead of the next ordinary OPEC meeting in Vienna on May 25 to look into reports.

The committee will issue press statements on a monthly basis on progress made in the implementation of the Vienna decision on cutting output.

Source: KUNA

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