UPDATE: Source: OPEC+ deal technical committee to meet on July 18

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MOSCOW, Jul 5 (PRIME) -- The technical committee monitoring the fulfillment of the OPEC plus nonmember oil output reduction agreement will meet on July 18 in Vienna, a source in one of OPEC delegations told PRIME on Thursday.

“A meeting of the technical committee will take place on July 18 in Vienna,” the source said.

The Russian Energy Ministry said on Tuesday that the committee was assigned to amend the fulfillment evaluation method in order to prevent overfulfillment. This measure would result in an output quota rise by 1 million barrels daily including the Russian quota by 200,000 barrels daily.

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.

A source with knowledge of the discussion told PRIME that Russian oil companies will meet with a deputy energy minister to discuss quota distribution on Friday.

“The precise volume of increase in the framework of the OPEC plus deal, the quotas for each Russian company are discussed, the discussion is at the finishing stage. A meeting on the level of a deputy energy minister of Russia will be held over the next few days, most probably, tomorrow, where an exact level for each company will be discussed,” the source said.

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