OPEC will hold an emergency meeting

Baku. 31 July. REPORT.AZ/ OPEC and non-member countries will hold an emergency meeting in Abu Dhabi, United Arab Emirates, August 7-8.

Report informs citing the Russian media, OPEC has issued a statement.

It was reported that Kuwaiti and Russian representatives will chair the meeting. The main object of the discussion will be the failure of the member states to fully comply with their commitments.

All countries invited to the meeting have not yet confirmed their participation. Algeria and Venezuela, who are members of the OPEC's monitoring committee, will probably not be able to attend the meeting.

According to the International Energy Agency (IEA), these two countries fulfilled their obligations on average by 70% and 39%, respectively. Other problematic countries are Iraq and the UAE, which have fulfilled their obligations by 29% and 60%, respectively.

The IEA report also stated that the OPEC + oil production commitment agreement was generally fulfilled by 78% in June. In May this figure was 95%.