Oman will host the 7th meeting of Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) on January 21st, Times of Oman reported.

“It is for the first time that an OPEC event is taking place in Oman and the proposed meeting is being supported by Oman Oil Company,” said Ali al Riyami, Director General – Marketing at the Omani Ministry of Oil and Gas, according to Muscat Daily.

“This meeting is an important one as it will be the first JMMC of 2018, paving the way for further cooperation between OPEC members and participating non-OPEC nations into 2018. All the member countries of JMMC have confirmed their participation in the upcoming meeting,” Riyami pointed out.

Oman is one of several non-OPEC countries contributing in the JMMC, which was formed in 2016 in order to control decreasing oil prices. Since forming date, oil prices have more than doubled as participating countries have committed better than expected.