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Russia, Oman enter committee on controlling oil production created by OPEC - Bloomberg

December 10, 2016, 17:40 UTC+3 VIENNA

Earlier it was reported that the committee will include five ministers - three from the OPEC countries Venezuela, Algeria and Kuwait, and two from non-OPEC countries

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Russian Energy Minister Alexander Novak

Russian Energy Minister Alexander Novak

VIENNA, December 10. /TASS/. Russian Energy Minister Alexander Novak and Minister of Oil and Gas of Oman Mohammed bin Hamad al-Rumhi from the countries outside of the OPEC entered the high-level committee for control over oil production, created by OPEC, Bloomberg reported, citing sources in OPEC.

Earlier it was reported that the committee will include five ministers - three from the OPEC countries Venezuela, Algeria and Kuwait, and two from non-OPEC countries. Alexander Novak was called the obvious candidate for the committee.

Minister of Energy of Qatar Mohammed bin Saleh al-Sada said earlier that OPEC was going to establish a high-level committee to monitor oil production.

"The 171 extraordinary meeting of OPEC countries set up a high-level committee that was tasked with giving recommendations on implementation of the new production levels for OPEC member countries, as well as developing a framework for high-level consultations between OPEC and non-OPEC countries," he said.

He added OPEC and non-OPEC countries should create an institute on cooperation in the oil market

"We also believe it is vital to institutionalize the basis of cooperation between OPEC and non-OPEC countries to help with decision-making mechanism," he said.

Ministers from countries members of OPEC and the countries outside of the organization meet in Vienna to discuss stabilization of the oil market. The meeting is attended by 12 non-OPEC countries.

Russian Energy Minister Alexander Novak told reporters that he sees no risks of agreement’s failure and that Russia will abide by its commitments to reduce oil production by the 300,000 barrels per day.

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