MOSCOW, Jan 18 (PRIME) -- The OPEC-Non-OPEC Joint Ministerial Monitoring Committee (JMMC) urged all participants of the agreement to make more effort to reduce production, OPEC said in a statement on Friday.
“The JMMC calls on all participating countries of the ‘Declaration of Cooperation’ to redouble their efforts in the full and timely implementation of the supply adjustments to ensure that the oil market remains in balance in 2019,” OPEC said.
The next meeting of the committee will be held in Baku on March 18.
In November 2016, OPEC and non-OPEC states including Russia agreed to reduce their oil output to rebalance the market, then raised the production quotas. In December 2018, the participants of the deal decided to cut production again by 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 228,000 barrels per day for Russia, from the level of October 2018.
In December, Energy Minister Alexander Novak said that Russia will cut the production by 228,000 barrels per day in three months. In January, Saudi Arabia’s Energy Minister Khalid Al-Falih told CNBC that Russia is reducing the production slower than needed.
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