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OPEC to monitor oil production closely before new decisions

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Staff Writer | January 23, 2017
The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) concluded its inaugural meeting today at the OPEC Secretariat in Vienna, Austria.
Sanusi Barkindo
Oil production   1.8 million barrels per day
At the December meeting, 11 non-OPEC oil producers cooperated with the 13 OPEC Member Countries in a concerted effort to accelerate the rebalancing of the global oil market through an adjustment in combined production of 1.8 million barrels per day.

The resulting Declaration, which came into effect on 1 January 2017, is for six months, and is extendable for an additional six months pending the status of supply and demand, as well as global inventories.

The JMMC is tasked with ensuring that the objectives of OPEC’s 171st Ministerial Conference Decision and the Declaration of Cooperation are achieved through successful implementation of voluntary adjustments in production.

The JMMC is composed of three OPEC Member Countries – Algeria, Kuwait and Venezuela, and two non-OPEC countries – the Russian Federation and Oman.

Today’s inaugural Meeting was chaired by HE Issam A. Almarzooq, Minister of Oil and Minister of Electricity and Water, of Kuwait, who began the proceedings with an opening statement.

The OPEC Secretariat will present a monthly production data report on OPEC Member Countries’ crude oil and of the participating non-OPEC oil liquid production to the JMMC by the 17th of each upcoming month.

The JMMC will communicate monthly, after the 17th of each upcoming month, to consider the reports presented by the JTC and the OPEC Secretariat, as well as meet after the 17th of March 2017 and before the OPEC Conference in May 2017.