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OPEC+ monitoring committee to assess proper oil production level in 2019

The ministers expressed satisfaction with the current forecast for the oil market development and welcomed relative balance between the supply and demand

MOSCOW, September 23. /TASS/. The OPEC+ monitoring committee will analyze the forecast of the oil market situation for the next year to assess a necessary oil production level in the deal’s member nations, the Russian energy ministry said on Sunday after a ministerial meeting in Algiers earlier in the day.

"The ministerial committee issued instructions to the JTC (Joint Technical Committee - TASS) to continue to monitor the situation on the oil market and the level of implementation of the Declaration of Cooperation [between OPEC and non-OPEC nations] in the light of the task of 100% fulfilment of the agreement and to analyze the forecast for 2019 and issue recommendations concerning oil production volumes sufficient to keep the market in the balanced position next year," the ministry said.

The ministers expressed satisfaction with the current forecast for the oil market development and welcomed relative balance between the supply and demand, the ministry noted.

"Apart from that, the committee called on countries having unrealized oil production potential to ensure, in cooperation with oil buyers, that their demand be satisfied by the end of 2018," the ministry said.

The Joint Ministerial Monitoring Committee (JMMC) will have its next meeting in Abu Dhabi on November 11. An OPEC source told TASS earlier in the day that the next JMMC meeting was preliminarily appointed on November 11, in Abu Dhabi. According to the source, the next regular OPEC conference will be held in Vienna on December 6 and an OPEC+ meeting is planned for the following day.

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