MOSCOW, Apr 17 (PRIME) -- A ministerial committee to monitor an agreement to reduce oil production by OPEC and non-OPEC states comprising 12 members will gather in Saudi Arabia’s Jeddah on Friday, Bloomberg news agency reported citing sources on Tuesday.
In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement in December 2016 with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was prolonged until the end of 2018 in November 2017.
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