OPEC invites OPEC+ states to online technical meeting on Mar 18

MOSCOW, Mar 12 (PRIME) -- The OPEC secretariat has sent to the OPEC+ states invitations to participate in a technical monitoring committee meeting on March 18 in the form of an online conference, a source with the organization told PRIME on Thursday.

“The invitations have been sent. The format is a video conference,” the source said.

In November 2016, OPEC and non-OPEC states including Russia first decided to reduce their oil output to rebalance the market, and agreed on additional reduction in December 2018. In July 2019, they prolonged the deal until April 2020. But on March 6, the countries failed to agree on parameters of the deal or on its prolongation, which resulted in a 30% fall in crude prices on Monday.

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