BAKU, Mar 18 (PRIME) -- The next meeting of the Joint Ministerial Monitoring Committee (JMMC) of the oil production cut deal between OPEC and non-OPEC states will take place in Saudi Arabia’s Jeddah in May, OPEC said in a statement on Monday.
The committee also recommended cancelling a ministerial meeting to oversee the deal, previously scheduled for April.
Iraq, Kazakhstan, Nigeria and the United Arab Emirates joined the committee, the statement also read.
In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. In December 2018, the participants of the deal decided to cut production by an additional 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 230,000 barrels per day for Russia, from the level of October 2018.
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