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Further reduction of oil production won't be discussed at July meet



A ministerial committee overseeing the pact under the leadership of OPEC to reduce oil production will not discuss the possibility of further cuts at its next meeting on July 24.



09.Jul.17 3:59 PM
By Daria Zaytseva
Photo Toinnov.com

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Further reduction of oil production won't be discussed at July meet

Interfax reported that Mohammad Barkindo, who was speaking to journalists in Istanbul before the World Petroleum Congress, said such discussions would be premature.

On July 24 in the Russian city of St. Petersburg will be a meeting of the Joint monitoring Committee of OPEC-NON-OPEC (JMMC), established to monitor the global deal on limiting oil production.

The Organization of the Petroleum Exporting Countries and its allies, such as Russia, agreed to cut production by about 1.8 million barrels per day (bpd) from January 2017 until the end of March 2018 to reduce bloated inventories and support prices.

But the price of oil LCOc1 have fallen since May, as oil production from the United States and other producers not associated with the pact has risen. Oil production from two OPEC members, Nigeria and Libya, both exempt from the restrictions, has also climbed.

Energy ministers from Saudi Arabia, Russia and several other key producers have previously said there was no need for immediate extra measures to support oil prices.

But on Friday, Russia's Energy Ministry said that Moscow was ready to consider proposals, including revising the deal, if needed.

Last week, Alexander Novak told Reuters that the monitoring Committee, will be empowered to recommend "any decisions" to the participants.




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