Algeria To Hold A Coordination Meeting Between OPEC, Non-OPEC Producers

The joint ministerial committee of the Organization of the Petroleum Exporting Countries (OPEC) and the non-OPEC countries agreed to organize a consultative meeting in Algeria next September.

The meeting includes the Energy Ministers of the countries that agree to cut production quotas, while the joint ministerial committee to monitor the commitment of countries to reduce production ceiling by 1.8 million barrels of which 1.2 million barrels per day from OPEC and 600.000 of the partner countries, including 300.000 from Russia was agreed on the validity of the agreement to the end of 2018 with the possibility of extending the agreement to 2019.

The decision to hold a meeting of the OPEC countries again in Algeria next September coincides with the results of the option of reducing production, and to confirm the impact of the decision to reduce the oil surplus in the market and the improvement in the level of prices that exceeded $ 73 a barrel.

The eighth meeting of the Joint Ministerial Committee to monitor the reduction of production between the OPEC countries and the participating countries, was held on Friday in Jeddah ,with the participation of Energy Ministers in Saudi Arabia, Iraq, Kuwait, UAE, Kazakhstan, Oman, Russia, Venezuela, Libya and Algeria, and Nigeria, Azerbaijan, Brunei and OPEC as well.

The meeting reviewed the developments in the oil markets and levels of production of the participating countries, and the work of the committee and the results of its decisions that were issued in the previous meetings, with the developments of supply and demand forces in the oil market, and the discussion of the impact of high oil prices, which reached their highest level since 2014, and the extent of the producers’ commitment to apply the agreement to cut production and the criteria on assessment of the level of production and factors that are limiting the impact of expenditure.

The meeting also discussed several issues, including the current situation of the oil market, helping to re-balance the market, and the efforts of OPEC and independents to reduce global oil supply commitment to cut production quotas.

It should be noted that the Joint Ministerial Committee to monitor the agreement to reduce production between OPEC countries and non-OPEC countries held its meeting every two months under the chairmanship of the Kingdom, to discuss the commitment of the countries to the agreement, and this includes Kuwait, Venezuela, Algeria, Saudi Arabia, Russia and Oman.