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Next meeting of OPEC monitoring committee may be held in Moscow on July 22-24

May 31, 2017, 17:52 UTC+3 GORKI

The energy minister confirms the meeting will be held in Russia

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GORKI, May 31. /TASS/. The next meeting of the ministerial monitoring committee under OPEC on oil production reduction may be held in Russia on July 22-24, Russian Energy Minister Alexander Novak told journalists.

"We discussed with Barkindo (OPEC Secretary General - TASS) the possibility of holding it (the committee’s meeting) on July 22-24, I think that together with all the members of the committee we will confirm this date," the minister said.

He confirmed that the meeting will be held in Russia, but the city is yet to be discussed.

"It also can be St. Petersburg," Novak said.

The monitoring committee was established to monitor the implementation of the oil production cut agreements between OPEC countries and independent oil producers.

The committee comprises five ministers: three from OPEC countries (Kuwait, Algeria and Venezuela) and two from countries outside the cartel (Russia and Oman). Alexander Novak is the co-administrator of the committee along with the Kuwaiti minister. The Committee meets every two months and, as a result, announces the average percentage of implementation of the agreements. In April, it was more than 100%.

The committee will retain its powers after the extension of the oil production cut deal until April 2018.

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