Kuwait to Host Ministerial Meeting on Oil Output Agreement on March 22-23

Russian Energy Minister Alexander Novak announced that Kuwait will host the meeting on cutting oil output on March 22-23.

SOCHI (Russia) (Sputnik) — Kuwait will host the meeting of the ministerial committee charged with monitoring the compliance with Vienna agreements on cutting oil output on March 22-23, Russian Energy Minister Alexander Novak said Saturday.

"The ministerial meeting will take place in Kuwait on March 22-23," Novak said, answering a corresponding question.

He added that a technical meeting of the committee on the expert level will be held in the Austrian capital on February 21-22.

In November 2016, the Organization of the Petroleum Exporting Countries (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.

The monitoring committee was created in order to secure the implementation of the deal and includes representatives of Algeria, Caracas, Kuwait, Oman, Russia, Saudi Arabia and Venezuela.