A ministerial committee of OPEC and non-OPEC oil producers meet in Oman next Sunday to assess crude oil output cuts, which contributed to an increase in prices to the USD 65 per barrel level, an official said today.
The commitment of the OPEC and non-OPEC countries in an agreement to slash production by 1.8 million barrels per day (bpd) help improve oil prices, Ali Al-Reyami, Director of Oil and Gas Marketing at Oman’s oil ministry, told a news conference.
The ministerial committee was formed in December 2016 with the objective of monitoring commitment of members to slash oil production.
Al-Reyami underlined importance of the committee meeting, the first this year, because it would further contribute to better prices.
The committee, he added, meet every two months to assess supply-and-demand in order to determine whether to extend the production cuts’ agreement or not.
The committee includes OPEC’s Saudi Arabia, UAE, Kuwait, Algeria and Venezuela, as well as non-OPEC’s Oman and Russia