Business & Finance

JMMC recommends extending oil output cut

VIENNA, The OPEC-Non-OPEC Joint Ministerial Monitoring Committee (JMMC) has made recommendations to the ministerial meeting to be held Thursday for reducing oil output, well-informed sources at OPEC told KUNA on Wednesday.

Speaking to KUNA, the sources said that the JMMC, which concluded its meeting late Wednesday in Vienna, advised member states to continue following up and sharing views on developments on the global oil market and the state of supplies and demands.

The committee also urged the states to take proper measures if necessary, with the aim of ensuring stability in markets, and meeting needs of both consumers and producers and the global economy, according to the sources.

The sources stressed that the oil ministers have the final say on approving the cutting of output or maintaining the current levels.

They expected that the oil prices would range between USD 50-60 per barrel in the upcoming period.

The committee includes OPEC ministers of Kuwait, Saudi Arabia, Algeria and Venezuela, and non-OPEC Russian and Oman.

The committee was formed upon a resolution of the 171st ministerial conference of OPEC held on November 13, 2016.

A joint announcement was made by OPEC and non-OPEC producers on December 10, 2016. Through this declaration, 11 OPEC and 13 non-OPEC states have decided to cut output by 1.8 million barrels per day as part of efforts to achieve stability in the global oil markets.

Oil ministers are set to hold their 175th meeting tomorrow at OPEC’s headquarters to discuss developments in the global oil markets and possible amendments to the current production.

Source: Kuwait News Agency