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MOSCOW, August 15. /TASS/. The next meeting of the Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) will be held in Vienna in September, a source in OPEC told TASS.
"The exact date is yet to be set, but it will be in September, in Vienna," the official said. He explained that the date of the meeting is yet to be discussed, since many ministers participating in the committee are now on vacation.
The committee meets every two months, usually in the 20th. The previous meeting was held in St. Petersburg on July 24. At that meeting the ministers summed up the results of the oil production cut deal. The level of compliance with the agreement in both July and since the beginning of the year was 98%.
The ministers also resolved the issue of production growth in Libya and Nigeria by making those two countries promise to stabilize production.
Currently, the main issue on the agenda of the alliance is whether to extend the deal after March 2018, as well as the low level of production reduction in some countries, such as Iraq, Kazakhstan, the United Arab Emirates and others.
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 will retain its powers after the extension of the oil production cut deal until April 2018.