MOSCOW, Aug 8 (PRIME) -- A meeting of the interministerial monitoring committee of the OPEC plus nonmember oil output reduction deal participant states will be held on September 12, Energy Minister of the United Arab Emirates Suhail Al Mazroui said in his Twitter blog on Thursday.
“The JMMC (Joint Ministerial Monitoring Committee) will meet in Abu Dhabi on the 12 of September to review the oil market situation and make necessary recommendations to keep the market balanced,” the official said.
He added that the oil market situation is good, as demand is high and excessive reserves are falling. “The oil market fundamentals are good; commercial stock overhang continues to decline and demand remains healthy (despite the market’s temporary overreaction, which is driven by speculation). I am confident that OPEC plus will continue its strong compliance with agreed production levels.”
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