OPEC plans meeting of the commission that controls the oil production, estimating if the agreement from December for yields cut is followed. It will be held in Vienna on January 21 and 22. The meeting will be attended by ministers from OPEC and non-OPEC countries participating in the agreement, but for now it is not clear whether Russian Energy Minister Alexander Novak will join.
The Commission was established in 2016 to monitor whether members of OPEC respected achieved arrangements to cut oil production. It involved three countries, members of OPEC – Kuwait, Venezuela and Algeria, and two countries outside the organization – Russia and Oman.
On December 10, the oil producers reached a difficult agreement to reduce daily yields. As a result, since the beginning of 2017 the production quantities must be decreased by 1.7-1.8 million barrels per day.
For the forthcoming meeting of the Commission already announced the Kuwait Oil Minister Essam al-Marzouq. He did not specify a date, but the location of the talks will be Vienna. According to OPEC Secretary General Mohammed Barkindo even the date of the prepared meeting is January 13, and the place – Abu Dhabi.
On the website of the organization next event is a regular meeting of the organization, scheduled for May 25 in the Austrian capital.
Promises of oil producers to restrict production led to the appreciation of the raw material markets. In 2016, oil recorded the sharpest rise in price since 2009.