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OPEC establishes high-level committee for monitoring oil production

VIENNA, December 10. /TASS/. OPEC establishes a high-level committee to monitor oil production, according to the Minister of Energy of Qatar Mohammed bin Saleh al-Sada.

"The 171 extraordinary meeting of OPEC countries set up a high-level committee that was tasked with giving recommendations on implementation of the new production levels for OPEC member countries, as well as developing a framework for high-level consultations between OPEC and non-OPEC countries," he said.

He added OPEC and non-OPEC countries should create an institute on cooperation in the oil market

"We also believe it is vital to institutionalize the basis of cooperation between OPEC and non-OPEC countries to help with decision-making mechanism," he said.

Ministers from countries members of OPEC and the countries outside of the organization meet in Vienna to discuss stabilization of the oil market. The meeting is attended by 12 non-OPEC countries.

Russian Energy Minister Alexander Novak told reporters that he sees no risks of agreement’s failure and that Russia will abide by its commitments to reduce oil production by the 300,000 barrels per day.