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OPEC Plus Oil Production Reduction Monitoring Committee Stresses Full Compliance with Quotas

18-09-2020

The Joint Ministerial Monitoring Committee of the (OPEC Plus) alliance stressed on Thursday the importance of fully adhering to the quotas of oil production cuts and compensating for excess production as soon as possible to support long-term market stability. This came in a statement issued by the Organization of Petroleum Exporting Countries (OPEC) following a video meeting held by the Joint Ministerial Committee to monitor the implementation of the agreement to reduce oil production between (OPEC) and its allies, most notably Russia, or what is known as the (OPEC Plus) alliance to discuss trends in the global oil market and production data. The statement stated that the monitoring committee recorded a remarkable improvement in the oil market conditions and the levels of matching between supply and demand, pointing to a positive performance in the level of commitment of producers in the OPEC Plus alliance, including Mexico whose commit in reducing production that reached 102 percent last month. The committee stressed the need for a commitment to reduce production to support ongoing market rebalancing efforts and help stabilize the oil market in the long term. Although it was mentioned that the increase in the spread of (COVID-19) in some countries may contribute to curbing the oil demand rates despite indications of some global economic recovery and a reduction in crude stocks. The 22nd meeting of the OPEC Ministerial Monitoring Committee was chaired by Prince Abdulaziz Bin Salman Saudi Minister of Energy of Saudi Arabia and Alexander Novak his Russian counterpart. Dr. Khalid Al-Fadel the Minister of Oil, Acting Minister of Electricity and Water, and the Governor of Kuwait to the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais, represented Kuwait in the meeting. The next meetings respectively will be held on October 15 and 19 of the technical committee and the joint ministerial committee.