OPEC/non-OPEC technical committee's meeting starts today

Baku. 7 August. REPORT.AZ/ A joint OPEC/non-OPEC technical committee at the two-day meeting in Abu Dhabi (UAE) will hold discussion on how well the agreement on the reduction of oil production complied with.

Report informs citing the RIA Novosti, few countries that did not fully comply with their commitments will participate in the meeting. The meeting will be presided over by Kuwait and Russia.

Notably, 24 countries are participating in the Vienna Agreement on 30 November 2016 to reduce oil production. After commencement (1 January 2017), it has been executed by 98% in the first half of the year. However, it is reported that some of the participating countries have fulfilled their obligations to OPEC fully, some not. According to the IEA's July report, Iraq implemented its commitments by 46% in the first six months of this year, UAE -54% and Algeria - 70%.

Notably, speaking at a meeting of the Committee of Ministers of Monitoring on Stability in St. Petersburg on July 24, Russian Energy Minister Alexander Novak said that in case of compliance with the agreement, additional 200,000 bpd will be extracted from the oil market.