Kuwait- Oil Min.: Saint Petersburg meeting to gauge cut conf...| MENAFN.COM

Saturday, 22 January 2022 05:11 GMT

Kuwait- Oil Min.: Saint Petersburg meeting to gauge cut conformity


(MENAFN- Kuwait News Agency (KUNA)) By Mohammad Al-Moula

KUWAIT, July 21 (KUNA) -- Oil ministers of OPEC and non-OPEC producers are set to meet in Saint Petersburg in Russia on July 22 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 due on July 23-24 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 Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) had recommended the extension of an oil output cut for more six months to keep the global oil market stable.
At a meeting in December, 11 non-OPEC oil producers cooperated with the 13 OPEC member countries in a concerted effort to accelerate the rebalancing of the global oil market through an adjustment in combined production of 1.8 million barrels per day.
The State of Kuwait chairs the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC), which comprises Venezuela and Algeria as OPEC members, and Russia and Oman as non-OPEC members. (end) amg.mt

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