(OPEC +) cancels a ministerial meeting scheduled for Vienna next April


 

Release date: 18/18/2019 18:42 
{International: Al Furat News} The Joint Ministerial Control Committee of the {OPEC +} on Monday canceled a meeting scheduled for April, which was aimed at approving any updates to the cut production agreement.
This came in a statement issued by the Organization of the Petroleum Exporting Countries (OPEC) today, following the meeting of the Joint Ministerial Control Committee in the Azerbaijani capital “Baku”. 
The Committee adopted the recommendation to cancel the full ministerial meeting, scheduled for the Austrian capital Vienna, in April. 
OPEC members and independent producers led by Russia, known as Opec + in early 2019, began implementing a deal to cut production by 1.2 million bpd, which will last 6 months. 
The committee decided to hold a meeting next May in Jeddah, Saudi Arabia, ahead of the OPEC meeting on June 25, when a decision will be made on the production target for the second half of 2019. 
The committee stressed today its commitment to the stability of oil markets, That it will determine the end of June next, determine the fate of production target for the second half 2019.
It recognized the severe uncertainties surrounding the global oil market throughout 2019 and stressed the shared responsibility of all participating States to restore market stability and prevent any market disruption. 
The monitoring committee includes ministers from six countries: Russia, Saudi Arabia, Kuwait, Venezuela, Algeria and Oman. 
According to the statement, all participating countries present at the meeting, individually and collectively, confirmed that they would exceed their voluntary production adjustments in the coming months. 
Baku, Azerbaijan, today witnessed the 13th meeting of the Joint Ministerial Control Committee of OPEC +.

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