Oil producers set for key meeting in Abu Dhabi
ABU DHABI, August 7, 2017
A joint meeting of the Opec-Non-Opec Technical Committee is convening today in Abu Dhabi in order to identify ways and means of raising the levels of conformity with their pledges to cut oil production.
The two-day technical meetings are being held to better understand the difficulties and obstacles faced by some Opec and non-Opec participating countries and to assess how conformity levels can be improved with the goal of achieving a faster rebalanced global oil market, for the benefit of producers and consumers alike, said a Wam news agency report.
The meetings are being co-chaired by Kuwait and Russia, in the presence of representatives from Saudi Arabia, which is serving as president of Opec for 2017.
The meeting was called during the 4th meeting of the Joint Opec-Non-Opec Ministerial Monitoring Committee (JMMC) in St. Petersburg, Russia, on July 24, 2017, when the Joint Opec-Non-Opec Technical Committee (JTC) was instructed to convene.
Other members of the JMMC/JTC will not be attending as they have delegated the responsibility of conducting these meetings and reporting back to the JTC and the JMMC accordingly to the co-chairs, the report said.
