The Opec Ministerial Monitoring Committee and other external producers will meet in Abu Dhabi, the capital of the United Arab Emirates, on August 7-8 to discuss the implementation of the agreement of the Organization of Petroleum Exporting Countries. Oil cut signed at the end of 2016, according to information from EFE.
Through a statement issued over the weekend, OPEC instructed the Monitoring Committee (composed of Venezuela, Kuwait, Algeria, Oman and Russia) to meet with other producers to identify ways to raise the level of conformity of the pact fixed a cut of almost 1.8 million barrels per day (MBD).
The meetings will be co-chaired by Kuwait and Russia in the presence of representatives of the Kingdom of Saudi Arabia, chaired by OPEC in 2017. The oil bloc added that it is a technical meeting "to better understand the difficulties and obstacles faced by some signatory countries of the agreement and assess how the level of compliance can be improved, in order to more rapidly rebalance the global oil market.”
On July 24, the Ministerial Monitoring Committee met in the Russian city of St. Petersburg to check the progress of the agreement, whose compliance surpassed 98% at the end of June.
At that time, Opec said that "market volatility has been lower in recent weeks and investment flows have begun to visibly improve in the industry." The pact commits Opec to take out 1.2 MBD and 11 producers a total of 558 thousand barrels, as a measure to stimulate the rise of oil prices.