OPEC Committee to Meet in January

OPEC Committee to Meet in January

Kuwait’s Oil Minister, Essam Abdul Mohsen Al-Marzouq, said that an OPEC committee responsible for monitoring compliance with a global agreement to reduce oil output will meet in the first half of January, Reuters reported.

Al-Marzouq comments on the sidelines of a meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) in Cairo, Egypt. He stated:”We will meet in January with OPEC and non-OPEC countries and we will coordinate over the method in which (compliance with) the cut will be implemented,” according to Africa-ME.

In December, the Organization of the Petroleum Exporting Countries and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices. However, Nigeria and Libya were exempt from the deal due to production-denting civil strife. This is expected to further pressure OPEC leader Saudi Arabia to shoulder the bulk of supply reductions.

In related news, non-OPEC oil producers Oman and Russia had been named to the high-level monitoring committee set up by the group to oversee the implementation of the oil production. The committee would include five ministers, three from the OPEC countries Venezuela, Algeria and Kuwait, and two from non-OPEC countries. Russian Energy Minister, Alexander Novak, and Minister of Oil and Gas of Oman, Mohammed bin Hamad al-Rumhi, will be representing the two countries on the specified committee

Login

Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password

Register