Economy

OPEC +: Joint Ministerial Monitoring Committee to continue consultations tomorrow, Friday

Members of the Joint Ministerial Monitoring Committee agreed to continue the work of the 31st meeting tomorrow, Friday, to conduct more consultations. Also, the 18th Ministerial Meeting of OPEC and non-OPEC countries was held on the same day, according to a press release issued by the Ministry of Energy and Mines today, Thursday.

The same statement stated: “Since the study of all the agenda points of the 31st meeting of the Joint Ministerial Monitoring Committee (GMMC) has not been completed, it was agreed to continue it tomorrow, Friday, to hold more consultations and hold the eighteenth ministerial meeting of OPEC and non-OPEC countries”.

The work of the thirty-first meeting of the Joint Ministerial Monitoring Committee was launched in the middle of the day. The agenda was devoted to assessing the report of the Joint Technical Committee on the current short-term oil market conditions, as well as the level of compliance with the obligations of the Joint Technical Committee to reduce the production for the countries that signed the cooperation declaration, for the month of May 2021.

It was expected that the eighteenth ministerial meeting of OPEC and non-OPEC countries, which includes 23 countries (13 OPEC countries and 10 non-OPEC countries) that signed the cooperation declaration, will be held to study the conditions of the global oil market and the prospects for its short-term development.

The Joint Ministerial Committee is made up of OPEC member countries, namely Algeria, Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, Nigeria, Venezuela, and two non-OPEC countries, Russia and Kazakhstan.

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