MOSCOW (Sputnik) – According to media reports citing OPEC Secretary-General Mohammed Barkindo, the meeting which will take place on the sidelines of the Global Energy Forum, and will have an informal nature.
The meeting will take place before the OPEC monitoring committee meeting in Vienna on January 21-22. Kuwait and Russia co-chair the committee convening with an aim establish the mechanism for monitoring the implementation of the oil output cap agreement.
In November 2016, OPEC agreed to cut oil production by 1.2 million barrels per day to 32.5 million barrels per day for the whole cartel starting 2017. On December 10, OPEC finished a meeting with non-OPEC countries in Vienna, at which non-OPEC countries decided to cut oil output by 558,000 barrels per day, with Russia cutting the output by 300,000 barrels per day from January 2017.
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