The Organization of the Petroleum Exporting Countries (OPEC) may consider new metrics for the global oil output cuts, Reuters reported.
The upcoming OPEC Joint Ministerial Monitoring Committee (JMMC) will be held in Abu-Dhabi on September 12, and it is expected to discuss the matter, Russian News Agency (TASS) reportedly cited OPEC Secretary General Mohammad Barkindo as saying.
The output cut agreement, which has been recently extended until the end of March 2020, uses metrics such as five-year average oil stocks in developed countries.
Although the topic of the deal metrics or is not on the next meeting agenda, it could be discussed as part of a broader assessment of the market situation, according to Barkindo.
Saudi Arabia’s new Minister of Energy, Prince Abdulaziz bin Salman, has reiterated the kingdom’s commitment to work with OPEC members and other major oil producers to balance oil markets.
The UAE Minister of Energy and Industry Suhail Al-Mazrouei said earlier that OPEC and other non-OPEC major producers led by Russia, an alliance known as OPEC+, are committed to achieving oil market balance.