OPEC Oil Prices

OPEC, non-OPEC producers end JMMC meeting

IRNA – The First Meeting of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) concluded in Vienna after it issued a statement on Sunday.

The statement said the OPEC Secretariat will provide the JMMC with monthly report on the contribution of the non-OPEC countries into the output cut plan.

Each of the five members of the JMMC will introduce a technical representative to the Joint Technical Committee (JTC), which will cooperate with the OPEC Secretariat in compiling the monthly report.

The JMMC will issue a press release each month on process of implementation of the decisions of the171st OPEC Ministerial Conference and of the OPEC and Non-OPEC cooperation declaration.

In the statement, the committee also expressed satisfaction over the countries’ commitment towards the agreement.

The next meeting of the JMMC will be held in Kuwait on March 17.

Russia’s Energy Minister Alexander Novak said at a news conference after the meeting that based on the initial plan, Russia was to cut its daily output by 50,000 barrels but did by 100,000 barrels since beginning of the year.