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    OPEC Prepares Draft Report on Oil Output Cut Deal – Russian Energy Ministry

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    The Organization of the Petroleum Exporting Countries’ (OPEC) Joint Technical Committee prepared a draft report on implementation of the oil output cut deal, the Russian Energy Ministry said on Friday.

    MOSCOW (Sputnik) – According to the ministry, the draft report will be presented to ministers during the meeting in Kuwait next week.

    "As a result of the second session of the Joint Technical Committee of OPEC and non-OPEC [countries] a draft report on implementation of the oil output cut deal was prepared," the ministry wrote on its Twitter page.

    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 January 2017.

    In December 2016, OPEC finished a meeting with non-OPEC countries in Vienna, at which 11 non-OPEC producers decided to cut oil output by 558,000 barrels per day from January 2017 with Russia cutting the output by 300,000 barrels per day.

    The deal caused the price of crude oil to climb to $55-56 per barrel, boosting optimism in the energy market.

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    Tags:
    oil output cuts, report, OPEC, Energy Ministry, Russia
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