The signatories of the OPEC + agreement to cut oil production decided to change the meeting place of the ministerial monitoring committee and celebrate it in the Saudi city of Jeddah, according to Kuwait’s Oil Minister Bakheet Al Rashidi.
The next meeting “will be held in Saudi Arabia, in Jeddah, on April 14 and 15,” he said.
The ministerial monitoring committee announced last January that it will meet next time in Riyadh. In February, a source at OPEC informed that the meeting will take place on April 14 and 15.
At the end of 2016, OPEC and 11 independent producers – Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan – agreed to reduce their inventories by 1.8 million barrels per day to stabilize the market.
In May of 2017 Equatorial Guinea joined OPEC.
The agreement, which expired in March of this year, was extended until the end of December.
To monitor compliance with the pact a ministerial monitoring committee was created that meets every two months and includes representatives from Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia.
The implementation of the agreement is also supervised by a technical committee composed of experts from the countries of the ministerial committee that meets every month