The information on the development trend of the oil market will be provided, and the presentation of the Joint Technical Committee on oil production in August will be conducted at the meeting, OPEC announced.
The issue of redistribution of quotas in accordance with the decision taken on June 23 this year at the fourth meeting of the ministers of OPEC and OPEC+ countries regarding the total increase in oil production by one million barrels per day will also be considered.
The meeting of the Monitoring Committee established with the participation of Russia, Saudi Arabia, Kuwait, Venezuela, Algeria and Oman, takes place every two months.
In December 2016, at a meeting of oil producers in Vienna, 11 non-OPEC member countries, including Azerbaijan, agreed to cut oil production by a total of 558,000 barrels a day. The agreement was concluded for the first half of 2017 and was extended until the end of the first quarter of 2018 at a meeting on May 25, 2017.
At the last OPEC meeting in Vienna, the agreement was extended again until the end of 2018. Azerbaijan supported the decision, and later supported the new agreement of OPEC and OPEC+ countries to return to 100 percent implementation of the deal, that is, to an increase in production by one million barrels per day.
More about: Azerbaijan OPEC
