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Russia, OPEC to hold meeting of oil output monitoring committee on May 24 in Vienna

April 19, 2017, 9:47 UTC+3

The next OPEC conference, where prolonging the agreement for another six months will be discussed, will be held on May 25

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MOSCOW, April 19. /TASS/. The ministerial committee on monitoring of oil production limiting agreement compliance will meet in in Vienna on May with participation of Russian Energy Minister Alexander Novak to evaluate implementation of the agreements within the framework of the Organization of Petroleum Exporting Countries (OPEC), OPEC Secretary General Mohammed Barkindo told TASS.

"The next OPEC conference, where we plan to discuss prolonging the agreement for another six months, as it was announced earlier, will be held on May 25. One day before that, the ministers will gather for an informal dinner," Barkindo said.

The Secretary General also added that the meeting of the technical subcommittee, where experts will draw up a final report on the agreement’s progress, will be held at OPEC headquarters on May 23.

The ministerial monitoring committee was set up under the OPEC to track implementation of the agreement on crude production cut by OPEC and non-OPEC countries. The committee has already met twice already in Vienna on January 21 and in Kuwait on March 26. At the end of the last meeting, the ministers assessed implementation of quotas for the reduction of oil outrup by OPEC and non-OPEC countries by 94%.

Russia's energy minister told reporters earlier that Russia would achieve a daily reduction of oil production of 250,000 barrels in the deal with OPEC by mid-April.

Russia participates in the oil output reduction deal, pledging to reduce production by 300,000 barrels per day starting from January 1, 2017, to the level of October 2016, or by 2.7%. In March, Russia reduced oil production by 202,300 barrels per day to 11.046 mln barrels, thus fulfilling 67% of the reduction quota. Russia will reach the full quota for reduction by the end of April, Energy Minister Alexander Novak said earlier. In March, OPEC fulfilled 106% of the planned quota of 1.2 mln barrels.

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