Ministers to meet Mar 22-23 to monitor oil cut deal implementation

SOCHI, Feb 13 (PRIME) -- A ministerial meeting to monitor implementation of an oil production cut agreements will take place in Kuwait on March 22-23, Energy Minister Alexander Novak told reporters on February 11.

“A technical expert council will meet in Vienna on February 21-22,” he said.

OPEC states agreed to reduce their oil production by 1.2 million barrels daily to 32.5 million barrels in January–June 2017 at a meeting on November 30, 2016. Russia joined the agreement on December 10, 2016 with a promise to cut output by 300,000 barrels daily.

A monitoring committee comprising representatives of three OPEC countries -- Venezuela, Kuwait and Algeria, two non-OPEC states -- Russia and Oman, and Saudi Arabia was established to control implementation of the agreements. The committee plans to gather every two months.

Novak also said that Russia will decide on prolongation of its participation in the Vienna agreements for another half a year in April or May.

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