ECONOMY


Next OPEC and OPEC+ JMMC meetings due in Abu Dhabi on November 11

Baku, September 24, AZERTAC

The next meeting of the Joint Organization of the Petroleum Exporting Countries (OPEC)-non-OPEC Ministerial Monitoring Committee (JMMC) is scheduled to take place on 11 November 2018 in Abu Dhabi, UAE, according to organization`s official website.

The Joint OPEC-non-OPEC Ministerial Monitoring Committee (JMMC) convened in Algiers, Algeria for its tenth meeting, on 23 September 2018. The Committee reviewed the monthly report prepared by its Joint Technical Committee (JTC) and the short-term developments in the global oil market, including prospects for 2019.

Additionally, the JMMC noted that countries participating in the Declaration of Cooperation (DOC) have achieved a conformity level of 129% in August 2018, and 109% in July 2018. During the meeting, for the first time, a Smart APP for the World Oil Outlook (WOO) have been presented which will increase access to the publication's vital analysis and energy data.

Energy Minister Parviz Shahbazov represented Azerbaijan at the meeting.

The 9th Meeting of the JMMC took place in Vienna on 21 June 2018. Meetings of the Joint OPEC-non-OPEC Ministerial Monitoring Committee (JMMC), with the participation of Russia, Saudi Arabia, Kuwait, Venezuela, Algeria and Oman are held every two months.

On November 30, 2016, OPEC countries have agreed to reduce daily oil output by 1.2 mln barrels to keep it at 32.5 mln barrels/day. On December 10, in Vienna, 11 non-member countries, including Azerbaijan signed agreement with OPEC to reduce overall daily production by 558,000 barrels. Within the 172nd meeting of the OPEC Ministerial Council on May 25, 2017, OPEC and non-OPEC states agreed to extend the contract on oil production cut till the end of I quarter, 2018.

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