Next OPEC meetings due in Baku in March

Baku, January 18, AZERTAC “The Joint OPEC and non-OPEC Ministerial Monitoring Committee (JMMC), as well as the Joint Technical Committee will convene on 17-18 March in Baku,” the OPEC Secretary General Mohammad Barkindo has told AZERTAC in an exclusive interview. The meetings will review the oil-producing countries’ commitment to the agreement on reducing the oil output and its impacts on the oil market. The 5th OPEC and non-OPEC Ministerial Meeting, following deliberations on the immediate oil market prospects and in view of a growing imbalance between global oil supply and demand in 2019, hereby decided to adjust the overall production by 1.2 mb/d, effective as of January 2019 for an initial period of six months. The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation’ will correspond to 0.8 mb/d (2.5%), and 0.4 mb/d (2.0%), respectively. According to the agreement, Azerbaijan has also pledged to reduce oil production by approximately 20,000 barrels per day beginning this month.