UPDATE: Sources: OPEC+ cancels technical committee Mar 18 meeting

(Rewrites story)

BAKU/MOSCOW, Mar 12 (PRIME) -- A meeting of the OPEC+ technical monitoring committee, scheduled for March 18, has been cancelled, sources familiar with the matter with OPEC and in Baku told PRIME on Thursday.

“According to our information, the meeting will not be held,” one of the sources said and the other confirmed.

A source with OPEC told PRIME earlier that the organization’s secretariat had sent to the OPEC+ states invitations to participate in a technical monitoring committee meeting on March 18 in the form of an online conference.

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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