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Tuesday, January 24, 2017
A committee put together by OPEC and non-OPEC crude producers will meet in March. The committee was established to monitor the production cuts agreed to by producers in late-2016 to steady the price of crude on the global market.
The news of the March 17 meeting was revealed by Kuwaiti Oil Minister Essam Al-Marzouq following the committee’s first meeting on January 22 in Vienna. There will most likely be a third meeting prior to OPEC’s May meeting.
Russia, the largest non-OPEC producer, is supposed to rein in its production flows this month. The country’s energy minister said that production of Russian crude averaged 11.15 million bpd so far in January.
In the meantime it was announced that African producer Equatorial Guinea has petitioned to join OPEC. The Ministry of Mines and Hydrocarbons of Equatorial Guinea has already joined 10 non-OPEC members to cut 558,000 bpd of oil production through 2017.
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