OPEC, Non-OPEC Monitoring Committee Says to Meet in Russia in July

The JMMC, the joint committee of ministers from the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers agreed on Wednesday to hold the next meeting in Russia in July, according to the statement published by the cartel.

VIENNA (Sputnik) — Earlier in the day, the third meeting of the JMMC was held in Vienna.

"It was agreed to hold the next JMMC meeting in the Russian Federation in July 2017," the statement published after the meeting read.

The technical committee of the Vienna deal will continue to monitor the implementation of the agreement on reduction of oil output, according to the statement.

At the third meeting the JMMC recommended to extend the Vienna agreement without changing the volume of oil production cuts for nine months, starting from July 1, 2017. A final decision on the issue of the agreement's extension is expected to be made at the second day of the meeting on Thursday.

In 2016, the OPEC reached an agreement in the Austrian capital of Vienna to cut oil output by 1.2 million barrels per day in the first half of 2017 within an effort to boost global oil prices. The agreement was supported by 11 non-OPEC states, which promised to jointly reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily.

On May 15, the Russian and Saudi energy ministers said in a joint statement that Moscow and Riyadh intended to propose a 9-month extension of the Vienna agreement on oil output cuts under the existing conditions.