Aliyeva recalled that in March 2017, Kuwait will host a ministerial meeting of OPEC High-level Monitoring Committee, where the implementation of agreements and their impact on the market will be considered.
Earlier, Kuwaiti Oil Minister Essam Abdul Mohsen Al-Marzouq said that in February 2017, OPEC and four non-OPEC countries will discuss the further reduction of oil production.
During a meeting in Vienna, Austria, on Nov. 30, 2016, OPEC members decided to implement a new production target of 32.5 million barrels per day. Later, non-OPEC countries agreed to cut the output by 558,000 barrels per day during the meeting held Dec. 10, 2016.
Eleven non-OPEC countries – Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan – agreed to reduce the oil output.
OPEC and non-OPEC countries pledged to start implementing the deal from Jan. 1, 2017 for six months, extendable for another six months.
It was also decided to establish a High-level Monitoring Committee, consisting of oil ministers, and assisted by the OPEC Secretariat, to monitor the implementation of the agreement.
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