Oil ministers of OPEC and non-OPEC producers to meet in Russia tomorrow

KUWAIT — Oil ministers of OPEC and non-OPEC producers are set to meet in Saint Petersburg in Russia on tomorrow to assess conformity with a recent output cut resolution, Kuwait’s oil minister said.

They will look into a report of the Joint OPEC-Non-OPEC Technical Committee (JTC), a technical sub-committee of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC), on the compliance of OPEC and non-OPEC members with output cut levels for June 2017, Essam Al-Marzouq told KUNA.

OPEC and non-OPEC members had signed a Declaration of Cooperation in Vienna in December 2016.

The committee will also review during the meeting an OPEC report on the situation of the global oil market in June, in addition to more relevant suggestions by member states, added Al-Marzouq, who doubles as Minister of Electricity and Water.

At the end of the meeting, the JTC will send a report to member states on the outcomes of Saint Petersburg meeting, mainly proposals and recommendations, the Kuwaiti minister noted.

During a meeting in Kuwait in March, the JMMC had recommended the extension of an oil output cut for another six months to keep the global oil market stable.

Source: Emirates News Agency