JEDDAH, May 19. /TASS/. The Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) looked at possible mitigation of the compliance terms of the oil output cuts deal in case of its extension on the backdrop of the oil demand growth in the summer, Russian Energy Minister Alexander Novak said on Sunday.
"We discussed the general balance of demand and supply. We agreed that such an option as restoration is principally possible but we did not discuss to which extent," he said when asked whether the committee looked at getting back to the 100% compliance.
"Possible relaxation of compliance terms stems from the demand in the summer period. But there are many factors the decision will depend on. The market situation, including what concerns the countries sanctions have been imposed on, will be clear in a month. We will see the demand bearing in mind the slowing oil demand," he added.
Novak noted that recommendations on the future of the deal will be issued after a thorough analysis of the global market, in June. No such recommendations were issued at Sunday’s JMMC meeting. "We agreed that is is necessary continue joint work in the second half of the year," he said.