Kazakhstan Agrees To Participate In OPEC-Non-OPEC Monitoring Committee - Energy Minister

Umer Jamshaid Published January 23, 2019 | 11:00 AM

Kazakhstan has agreed to become a member of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, country's Energy Minister Kanat Bozumbayev said on Wednesday

ASTANA (UrduPoint News / Sputnik - 23rd January, 2019) Kazakhstan has agreed to become a member of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, country's Energy Minister Kanat Bozumbayev said on Wednesday.

"Kazakhstan has agreed to participate [in the work of the JMMC]," Bozumbayev told reporters.

The country's participation may be officially announced in spring, he noted.

"The committee observes everyone, [participants] are chosen from countries that have large production, authority, and they all discuss who fulfilled, and who did not fulfill [the agreement]," Bozumbayev added.

The JMMC was set up by Algeria, Kuwait, Oman, Russia, Saudi Arabia and Venezuela to monitor compliance with oil output cuts after they were first agreed in late 2016.

The group of the OPEC and non-OPEC oil exporters committed last December to slash production by a total 1.2 million barrels a day for six months starting this January. Russia will pull a daily 228,000 barrels from the market.