Representatives of some OPEC and non-OPEC nations will meet in Abu Dhabi, the UAE, on Aug. 7-8 to discuss the failure to fulfill their pledges to cut production, however, Algeria will not attend, an OPEC statement said, Financial Tribune reported.
The meeting, co-chaired by Kuwait and Russia, will deal with the reasons why some countries are not fully implementing their cuts, according to two people familiar with the matter, who asked not to be identified because the discussions are not public, Bloomberg reported.
Algeria’s implementation reached this year 70%, while Venezuela’s averaged 39%, according to the International Energy Agency.
The agreement, which came into effect at the start of the year, brings together OPEC and non-OPEC nations to take as much as 1.8 million barrels of oil a day off the market.
In this aspect, compliance was high in the first months of the pact, but it began to slide later.
Some non-OPEC nations have been invited to the Abu Dhabi meeting but have yet to confirm their presence, one of the people said.
OPEC members Algeria and Venezuela—who sit on the committee that oversees compliance—will not attend, two people said.