The JMMC, the joint committee of ministers from the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, is set to gather on Wednesday to assess each party's adherence to the oil production curtailment agreement and discuss the possibility of extending the deal beyond June.
VIENNA (Sputnik) — The committee, co-chaired by Kuwait's Minister of Oil Issam Almarzooq and Russian Energy Minister Alexander Novak, will meet in Vienna on the eve of OPEC's next meeting on May 25. This gathering will then be followed by the joint meeting of the cartel ministers and other producers participating in the six-month production cuts.
The three other states that are part of the JMMC and expected to take part in the committee meeting are Algeria, Venezuela and non-OPEC member Oman.
In late November, OPEC member states signed an agreement to decrease oil production by 1.2 million barrels per day to 32.5 million barrels per day for the whole cartel. In December, 11 non-OPEC countries decided to jointly cut oil output by 558,000 barrels per day, with Russia agreeing to cut its output by 300,000 barrels per day for six months from January 2017.
At the moment, OPEC's implementation of the oil production curtailment stands at over 100 percent, while non-cartel countries have reached an adherence of over 95 percent, according to Algerian Energy Minister Noureddine Boutarfa.
The OPEC and non-cartel ministers are currently considering considering an extension of the deal by various periods of time, including until the end of 2018. However, the 9-month extension remains the main option, according to Boutarfa.
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