OPEC, Non-OPEC Nations May Return To 100% Output Deal Compliance In Sept-Oct - Novak
Mohammad Ali (@ChaudhryMAli88) Published September 23, 2018 | 05:42 PM
ALGIERS (UrduPoint News / Sputnik - 23rd September, 2018) The Organization of the Petroleum Exporting Countries (OPEC) and non-cartel producers are likely to return to the 100-percent compliance with the Vienna deal as soon as September or October by stepping up oil production, Russian Energy Minister Alexander Novak said on Sunday.
On Sunday, the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) gathered in Algiers to discuss the implementation of the commitment to boosting production by 1 million barrels per day due to over-compliance with the deal over the falling output risks in Iran and Venezuela. Following the meeting, Kuwait's Oil Minister Bakheet Rashidi said that the participants agreed to reach full conformity with the Vienna deal in the following two months.
"I think that we will reach this [100-percent] target as soon as September. September-October," Novak told reporters, asked when the OPEC and non-OPEC members would reach full compliance with the oil output cut deal.
In 2016, OPEC and several non-OPEC oil producers 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 August, the compliance of OPEC and non-OPEC countries with the Vienna deal totaled 129 percent, according to Novak.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 19 April 2024
Today Gold Rate in Pakistan 19 April 2024
Rock-solid Ruud racks up season-leading win in Barcelona
At UN, Iran says it will make Israel 'regret' reprisals
G7 hears calls for 'critical' Ukraine aid
EU seeks to leverage might to confront China, US challenge
5 Customs officials martyred as their vehicle ambushed by terrorists in D I Khan
Pak-New Zealand match called off due to rain
NHA restores traffic on roads affected by recent rains in Balochistan
China to fully support Pakistan's efforts against terrorism: Ambassador Jiang
U.S. envoy calls on Foreign Minister Ishaq Dar
Poland arrests man over suspected plan to kill Zelensky
More Stories From Business
-
Exchange rates for currency notes
2 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 19 April 2024
2 hours ago -
Foreign exchange rates
2 hours ago -
Today Gold Rate in Pakistan 19 April 2024
3 hours ago -
Oil jumps more than 3% on Middle East worries
3 hours ago -
Tokyo's Nikkei index tumbles 3% in morning trade
3 hours ago
-
Pakistan's total liquid foreign reserves reach $ 13.37 billion
13 hours ago -
Stock markets rise as traders consider US rate outlook
14 hours ago -
Business community alarmed by alleged Cigarette tax violations
14 hours ago -
High FED on cigarettes demonstrates positive impact
15 hours ago -
PTCL posts 14 % revenue growth
14 hours ago -
Prudent policies, reforms poised to result in sustainable economic growth: Governor State Bank of Pa ..
15 hours ago