(MENAFN- Trend News Agency ) Baku, Azerbaijan, Aug.22
By Leman Zeynalova – Trend:
The compliance level of OPEC and participating non-OPEC countries has dropped from 98 percent in June to 94 percent in July, according to the estimations of OPEC Joint Ministerial Monitoring Committee, Bloomberg reported citing sources familiar with the situation.
The meeting of the OPEC/non-OPEC Joint Technical Committee kicked off on Aug. 21 in Vienna and will last until Aug.25.
The meeting will focus on discussing the conclusions of the JTC extraordinary session held earlier in Abu Dhabi.
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.
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