19:04 GMT17 February 2020
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    Saudi Energy Minister and President of the OPEC conference Khalid Falih will hold bilateral talks with Russian Energy Minister Alexander Novak, OPEC Secretary General Mohammed Sanusi Barkindo said.

    ST. PETERSBURG (Sputnik) — Falih will hold bilateral talks with Novak on the eve of the Organization of the Petroleum Exporting Countries (OPEC), non-OPEC Joint Ministerial Monitoring Committee (JMMC) on the implementation of oil production curtailment agreement, OPEC Secretary General Mohammed Sanusi Barkindo said.

    "He is having a bilateral meeting with the Russian minister later today," Barkindo told reporters in St. Petersburg, where the JMMC meeting will be held on Monday.

    Barkindo also said that Falih had met with representatives of Nigeria and Libya in St. Petersburg to review the two countries' plans and targets for recovering crude production.

    "President of the [OPEC] conference Khalid Falih broke his vacation to come and meet with us. He's been actively meeting with various delegations from yesterday. He's met with both the Nigerian and the Libyan delegations to review together their recovery plans, their challenges, their targets," Barkindo told reporters ahead of the OPEC, non-OPEC Joint Ministerial Monitoring Committee (JMMC) meeting scheduled for Monday in St. Petersburg.

    The secretary general added that Libya and Nigeria had revealed their oil production plans to the committee, and they corresponded to difficult situations in these countries.

    Nigeria and Libya have been exempt from quotas under the Vienna deal between OPEC and 10 other major oil producers on limiting oil production agreed in November 2016. The two countries have been actively recovering their production levels ever since, increasing their production by 127,000 and 96,700 barrels per day, respectively, in June, which amounted to 57 percent of OPEC’s total increase in crude oil output for that month.

    Barkindo added that the compliance of OPEC and 10 other major oil producers with oi production cuts agreed in November 2016 has so far been "excellent."

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    Tags:
    Alexander Novak, Khalid al-Falih, Saudi Arabia, Russia
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