Joint OPEC-Non-OPEC Technical Committee to Take Place on September 20 - Source

An OPEC source said that the Joint OPEC-Non-OPEC Technical Committee will meet on September 20 in Austria.

MOSCOW (Sputnik) — The Joint OPEC-Non-OPEC Technical Committee (JTC), responsible for monitoring the implementation of agreement to reduce oil output, will meet on September 20 in Austria, a source in the Organization of the Petroleum Exporting Countries (OPEC) told Sputnik on Thursday.

"The meeting will be held on September 20 in Vienna," the source said.

The JTC will meet ahead of the next meeting of Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC), that will be held on September 22, also in Vienna.

In 2016, the OPEC reached an agreement in Vienna to reduce daily oil production during the first half of 2017 to boost global oil prices. The agreement was also supported by 11 non-OPEC states. In late May, the parties to the agreement agreed to extend the deal until April 2018.

The JMMC was created in order to control the implementation of the deal. It includes ministers of three OPEC member states — Venezuela, Kuwait and Algeria — and two countries that not part of the cartel, namely Russia and Oman. The JMMC meets every two months. The implementation of the agreement is also monitored by the JTC, comprising experts from the countries represented in the JMMC. The meetings of the committee are held monthly and attended by OPEC Secretary General Mohammad Sanusi Barkindo.