07:54 GMT +325 May 2019
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    The OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016

    OPEC+ Monitoring Panel Suggests Oil Output Cuts Beyond 1Q 2018 if Necessary

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    The OPEC-non-OPEC Ministerial Monitoring Committee (JMMC) recommended Monday maintaining the extension of oil production cuts beyond the first quarter of 2018 as an option if further market stabilization was needed.

    ST PETERSBURG (Sputnik) – The JMMC also recommended keeping the extension of the Declaration of Cooperation beyond 1Q18 as an option should further action be required for the stabilization of the market," the press release after the 4th JMMC in St. Petersburg reads.

    Earlier in the day, Russian Energy Minister Alexander Novak said Monday that OPEC+ compliance with the Vienna oil output cut agreement stands at a level close to 100 percent, adding that the deal helped to remove more than 350 million barrels of oil supplies from the international market.

    In late 2016, OPEC and a number of non-OPEC countries agreed in Vienna to reduce their oil production by a total of 1.8 million barrels per day from the October level, with Russia's cut of 300,000 barrels per day. The agreement was concluded for the first half of 2017 with the possibility of an extension. In May, the deal was extended by nine months and is now valid until the end of March 2018.

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    oil output cuts, deal, OPEC, Alexander Novak
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