Oil pact monitors won’t discuss further cuts at July meet: report

10 Jul 2017   OPEC

A ministerial committee monitoring an OPEC-led pact on cutting oil production will not discuss the possibility of further cuts at its regular meeting on July 24, OPEC’s secretary-general said in comments carried by Russia’s Interfax news agency on Sunday. Mohammad Barkindo, who was speaking to journalists in Istanbul before the World Petroleum Congress, said such discussions would be premature, Interfax reported. The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC), set up to monitor the global deal on oil output curbs, meets on July 24 in the Russian city of St Petersburg. The Organization of the Petroleum Exporting Countries and its allies, such as Russia, agreed to cut output by about 1.8 million barrels per day (bpd) from January 2017 until the end of March 2018 to reduce bloated inventories and […]

Comments are closed.