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OPEC+ can resume monitoring committee work with meeting once per year — Omani Oil Minister

December 06, 22:38 UTC+3

Iran made a proposal to abolish the Joint Ministerial Monitoring Committee (JMMC) in the new cooperation agreement

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© Viktor Drachev/TASS

VIENNA, December 6 30. /TASS/. OPEC+ can provide for work of the Joint Ministerial Monitoring Committee (JMMC) with meetings held once per year in a new agreement to be signed, Oil and Gas Minister of Oman Mohammed bin Hamad Al Rumhy told reporters on Thursday.

"So we are hoping we will sign the new one. And in the new agreement the recommendation is to recreate JMMC to meet once per year," the Minister said.

Meanwhile, a source in the organization told TASS that Iran had made a proposal to abolish the Joint Ministerial Monitoring Committee (JMMC) in the new cooperation agreement to be signed on December 7 at the OPEC+ meeting.

"Iran believes there is no need in JMMC, it should be abolished. They believe the OPEC secretariat should perform monitoring. This was discussed at the meeting," the source said.

"Many in OPEC believe JMMC has too much authority," he added.

OPEC countries reached a preliminary agreement after talks in Vienna to reduce oil production but specific volumes to be cut are still to be agreed. According to TASS sources, oil production will be reduced from the October 2018 level.

The OPEC+ ministers meeting, where specific decisions can be made, will take place tomorrow in Vienna.

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