The Opec and non-Opec Joint Ministerial Monitoring Committee (JMMC) decided on Thursday to recommend a further output reduction of 500,000 barrels per day (Bpd) under the Opec+ alliance, Kallanish Energy reports.
According to the Russian energy minister Alexander Novak, the participating countries made recommendations on further joint actions in the global oil market and also reviewed the current situation, in the 17th JMMC meeting in Vienna.
The Committee recommended that during the first quarter (of 2020), an additional reduction in oil production by 500,000 Bpd be considered, Novak said. He added that the specific quotas for each country would be discussed later, the ministry said in a statement.
The proposal will be put to vote tomorrow, when non-Opec countries join the meeting with Opec members. If approved, Opec+ countries will curb their production by 1.7 million barrels per day (Mmbpd) early next year.
The minister, key to the Opec+ alliance, said there needed uniformity in order to fulfil obligations under their joint decisions. Novak also thanked JMMC chairman, Saudi energy minister Prince Abdulaziz bin Salman for the leading role of Saudi Arabia in this process.
Venezuelan energy minister Manuel Quevedo, the current President of the Opec Conference 2019, welcomed the JMMC to Vienna and praised Novak for being “central figure in the spirit of our cooperation.”
Quevedo will be replaced by Algerian minister Mohamed Arkab in 2020.
This post appeared first on Kallanish Energy News.