(MENAFN- Kuwait News Agency (KUNA))
KUWAIT, March 26 (KUNA) -- The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) has demanded a report be prepared by April on extending an oil output cut for more six months to guarantee stability of the world markets.
A JMMC's technical committee and the OPEC Secretariat have been entrusted with the report.
The JMMC held its second meeting here Sunday chaired by Kuwaiti Minister of Oil and Minister of Electricity and Water Essam Al-Marzouq.
The ministerial committee will review the report and table recommendations to the countries included in the deal to reduce oil production concluded in Vienna in November 2016, Al-Marzouq said in a final statement.
Today's meeting reviewed a report on February production levels, which progress had been made toward the full commitment to the voluntary output reduction, the minister noted.
The JMMC is composed of three OPEC members - Kuwait, Algeria and Venezuela - and two non-OPEC ones, Russia and Oman.
The JMMC was established following OPEC's 171st Ministerial Conference Decision of November 30, 2016 and the subsequent Declaration of Cooperation made at the joint OPEC-non-OPEC ministerial meeting held on December 10, 2016.
At the December meeting, 11 non-OPEC oil producers cooperated with the 13 OPEC member countries in a concerted effort to accelerate the rebalancing of the global oil market through an adjustment in combined production of 1.8 million barrels per day.
The resulting Declaration came into effect on January 1, 2017 for six months, and is extendable for an additional six months pending the status of supply and demand, as well as global inventories.
The JMMC took note that certain factors, such as low seasonal demand, refinery maintenance and rising non-OPEC supply had led to an increase in crude oil stocks, Al-Marzouq said.
The minister expected that the conclusion of refinery maintenance in the US and the decline of inventories to support efforts to realize stability to the oil markets.
The monitoring committee expressed gratitude to His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for the support offered to OPEC and for the country's commitment to the agreement to cut supplies.
In line with the deal to curtail oil production, OPEC's output thus hit 32.5 million barrels per day, with the chief aim to support prices and rebalance the market. (pickup previous) osj.msa
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