Minister of Energy Mustapha Guitouni, on Sundayj called oil producers and consumers to “build on their positive efforts” and ensure a “smooth” transition to prevent undermining oil market’s return to balance.
“It is in the interest of both oil producers and consumers to build on their positive efforts and ensure a smooth transition so that oil market’s return to balance is not undermined,” Guitouni said in an opening address at the 10th meeting of the Joint Ministerial Monitoring Committee on Compliance with the OPEC-Non-OPEC Output Cut Agreement held Sunday in Algiers.
The committee was created by the 171st OPEC Ministerial Conference, held in November 2016, and by the ministerial joint OPEC non-OPEC meeting in December 2016 in Vienna, assigned to meet the objectives of the declaration of Cooperation.
Chaired by the Saudi oil minister and co-chaired by his Russian counterpart, the committee is made up of four OPEC members (Algeria, Saudi Arabia, Kuwait and Venezuela) and two non-OPEC members (Russia and Oman).
In the 170th extraordinary meeting of the OPEC Ministerial Conference in September 2016, in Algiers, OPEC member countries decided to adjust oil production in the range of 32.5 à 33 million barrels per day (mbd) and to create a high-level committee, chaired by Algeria, to develop the agreement’s details.
The details have been defined in an Algerian proposal adopted during the 171st ordinary meeting of the OPEC ministerial conference in November 2016, in Vienna.
The high-level committee also held meetings with non-OPEC member countries.
Those discussions led to the signing of a cooperation agreement between OPEC and non-OPEC member countries participating in the meeting of December 2016.
OPEC decided to cut oil production to about 1.2 mbd from 1 January 2017, joined afterwards by 11 non-OPEC member countries who accepted to reduce offer to 600,000 mbd.
One year later, OPEC and its partners decided to extend the agreement to late 2018.
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