OPEC, non-OPEC reps agree to set output monitoring measures in place

Representatives from five Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries recently met and held their inaugural joint meeting in Vienna where they agreed on putting measures in place to monitor the oil production cuts.

The implementation of the Declaration of Cooperation signed by the 13 OPEC and 11 non-OPEC member countries in December, that subsequently came into effect on January 1, was discussed by the attendees at the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC), OPEC said in a statement.

Among the issues on the agenda was the discussion of voluntary production adjustments, which targets a combined oil production of 1.8 million barrels a day, it said.

The JMMC further agreed on a number of stipulations, such as a production data report to be presented at the OPEC secretariat in Vienna each month, as well as the issuance of a monthly press release on the progress of the implementation of the production adjustment, OPEC said.

The JMMC is comprised of three OPEC member countries of Algeria, Kuwait, and Venezuela, as well as the two non-OPEC countries of Russia and Oman.

The Declaration of Cooperation is to run for six months, with the option of a further six-month extension also possible.