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OPEC ministerial committee to hold talks in Vienna on January 21-22 — source

January 04, 22:29 UTC+3 MOSCOW

The official could not say whether Russian Energy Minister Alexander Novak would attend the meeting

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MOSCOW, January 4. /TASS/. A meeting of the OPEC Ministerial Monitoring Committee supervising oil output will be held in the Austrian capital of Vienna on January 21-22, a source close to the oil cartel told TASS on Wednesday.

However, the official could not say whether Russian Energy Minister Alexander Novak would attend the meeting.

Earlier, Kuwait’s Oil Minister Essam Abdul Mohsen Al-Marzouq said that the committee would hold its meeting in Vienna. OPEC Secretary General Mohammad Sanusi Barkindo had named Abu Dhabi as the venue of the meeting and January 13 as the date.

A ministerial control committee headed by Kuwait has been set up for monitoring the agreements reached regarding oil production cut both inside OPEC and with non-OPEC members. The committee also include representatives of Algeria, Venezuela and two non-OPEC member-states - Russia and Oman.

On December 10, 2016 OPEC and non-OPEC countries signed the agreement on joint reduction of oil output at a meeting in Vienna. Also, 11 countries will join the announced cut by OPEC members of 1.164 mln barrels per day in the first half of next year, and reduce production by another 558,000 barrels per day. Thus, the total crude oil production cut will amount to 1.7-1.8 mln barrels per day. Russia plans to cut its oil production by 300,000 barrels per day in the first half of next year.

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