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Venezuelan oil minister to hold talks with Russia’s Novak in Baku

This year’s first meeting of the Joint OPEC-non-OPEC Ministerial Monitoring Committee (JMMC) is due to be held in Azerbaijan’s capital of Baku on March 18

BAKU, March 17. /TASS/. Venezuelan Oil Minister Manuel Quevedo plans to hold bilateral talks with Russian Energy Minister Alexander Novak on Sunday ahead of the meeting of the OPEC-non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Baku, he told reporters.

"Yes, we will also meet with him. Now I’m going for a meeting with OPEC Secretary-General [Mohammed] Barkindo," Quevedo said. The minister declined to answer a question about when he would visit Moscow to open an office of Venezuela’s oil and gas company PDVSA. "I really need to come to Moscow," he noted.

This year’s first meeting of the Joint OPEC-non-OPEC Ministerial Monitoring Committee (JMMC) is due to be held in Azerbaijan’s capital of Baku on March 18.

The Joint Ministerial Monitoring Committee comprises ministers of six countries: Russia, Saudi Arabia, Kuwait, Venezuela, Algeria, and Oman. The committee reviews market development scenarios and makes recommendations based on this review for OPEC+ countries regarding the necessary actions.

JMMC's activities are supported by the technical monitoring committee, which presents the current market analysis and its development scenarios upon implementation of a certain scenario to ministers. Bloomberg reported that in February the level of compliance with the oil output cut deal reached 89% compared with 83% in January. The figure will be officially announced on Monday.