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Vienna to see first meeting of OPEC oil production monitoring committee on January 22

January 22, 2017, 1:19 UTC+3 VIENNA

Meanwhile, OPEC inclines to control export indicators also

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VIENNA, January 22. /TASS/. The first meeting of the oil production monitoring committee under OPEC, where ministers intend to approve the mechanism of oil production monitoring and summarize initial outcomes of implementing the oil production cut agreement will be held in Vienna on Sunday.

The balance of supply and demand on the market should be estimated on the basis of produced and consumed resources, without separate recording of production and export, Russian Energy Minister and co-chairman of the committee Alexander Novak said earlier. Meanwhile, OPEC inclines to control export indicators also.

Russia is ahead of schedule in oil cut, Novak told reporters on the verge of the meeting. About 100,000 barrels per day were already cut on average, he said.

Ministers have not yet discussed the monitoring mechanism and will do that for the first time at the forthcoming meeting only, a source familiar with the course of OPEC negotiations told TASS. "The confidence level among ministers is indeed very high," the source said. No disagreements at the meeting are expected. The Russian Energy Minister told reporters he is positive about the meeting.

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