OPEC-Non-OPEC JMMC Called For Using Spare Oil Capacities To Meet Demand In 2018 - Russia

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OPEC-Non-OPEC JMMC Called for Using Spare Oil Capacities to Meet Demand in 2018 - Russia

MOSCOW (UrduPoint News / Sputnik - 24th September, 2018) The Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel oil producers, which met earlier in the day in Algiers, urged countries with spare oil production capacities to meet consumer demand before the end of 2018, Russian Energy Ministry said in a statement on Sunday.

"The Committee appealed to countries that have spare capacities for oil production, calling on them to ensure the satisfaction of the oil buyers' demand by the end of 2018," the statement said.

It is also noted that the ministerial committee instructed the technical committee to study the forecast for 2019 and submit proposals for determining the volume of oil production, which would allow market to be balanced next year.

On Sunday, the 10th meeting of the ministerial committee for monitoring the OPEC-non-OPEC oil output cut deal was held in Algiers. The committee members agreed to continue to strive for a 100-percent compliance with the Vienna agreement in the coming months. In August, the compliance stood at 129 percent.

In 2016, OPEC and several non-OPEC oil producers, including Russia, agreed to cut output by a total of 1.8 million barrels per day in an effort to stabilize global oil prices. The agreement, which came into effect in 2017, has been extended twice since then and will remain in force until the end of 2018. In late June, the OPEC and non-OPEC producers agreed to increase production by a combined 1 million barrels per day to get away from overcompliance with the agreement.