Kuwait will host a Ministerial Committee meeting, charged with monitoring the compliance with Vienna agreements on cutting oil output, on 22-23 March, Sputnik News reported. The Committee brings together five ministers: three are from OPEC – Algeria, Kuwait, and Venezuela, and two are non-OPEC members – Russia and Oman, according to Trade Arabia.
A ministerial control committee was set up by the Organization of Petroleum Exporting Countries (OPEC) to monitor implementation of the agreements on crude production cuts sealed by OPEC and non-OPEC countries.
In November 2016, OPEC agreed to cut oil production by 1.2mb/d to 32.5mb/d for the whole cartel starting in January 2017. In December 2016, OPEC finished a meeting with non-OPEC countries in Vienna, at which 11 non-OPEC producers also decided to cut oil output by 558,000b/d from January 2017.