ABU DHABI, November 11. /TASS/. Ministers of oil producing countries can discuss the oil production cut at the Joint Ministerial Monitoring Committee meeting on Sunday.
The eleventh session of JMMC will be held in the situation of the highest uncertainty on the oil market during the last two years. US sanctions against Iran, the third largest oil producer in OPEC, became effective on November 5. At the same time, slowdown of economic growth rates and the decline of oil demand as a consequence are not excluded. These developments will take place against the background of continuing oil production growth in the United States.
It was reported earlier that the performance level of the OPEC+ oil production capping deal was 104% in October.
OPEC+ agreement participants made the decision to return the deal performance level from 150% to 100% from July, which actually means the need to increase oil production by 1 mln barrels per day. However, this target has not yet been reached due to a strong decline in oil production in certain OPEC countries. Production is mainly increased by Russia, Saudi Arabia, and the UAE.
Russia has increased its oil production by 400,000 barrels per day within the framework of this decision, although it slashed production by 300,000 barrels daily within the framework of the original arrangements.