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OPEC+ ministerial monitoring committee to be held in Riyadh in April — source

February 14, 2018, 17:04 UTC+3 RIYADH

The previous meeting was held in Muscat, the capital of Oman

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RIYADH, February 14. /TASS/. Riyadh will see the next meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) on April 14-15, a source close to the meeting organization told TASS on Wednesday.

The previous meeting was held in Muscat, the capital of Oman.

The JMMC comprises representatives of Russia, Saudi Arabia, Venezuela, Kuwait, Algeria and Oman. Participants meet regularly to discuss the progress in implementation of the OPEC+ oil production capping deal.

In late 2016, OPEC member-states and 11 independent oil-exporting countries entered into an agreement to reduce oil production. According to that agreement, during the first half of 2017 the participants were to withdraw 1.8 million barrels per day from the oil market in comparison with the level of October 2016. In May 2017, at the meeting in Vienna, the countries extended the agreement until April 2018, maintaining the previous quotas for all participants. The purpose of the agreement is to reduce global oil reserves to the average level of the last five years.

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