25/7/2017 12:00 am
Baghdad / Follow-up Farah Al-Khafaf
OPEC and its independent producers are preparing to take additional measures to restore market equilibrium and eliminate supply oversupply.
The ministerial committee is meeting to put restrictions on the production of Nigeria and Libya, members of OPEC and so far exempted from a campaign to reduce production.
Where a ministerial follow-up and monitoring committee has been set up, including Kuwait, Venezuela, Algeria, Saudi Arabia, Russia and Oman, to monitor compliance with the agreement and make recommendations on the amendment of its conditions, which meets every
Russian Energy Minister Alexander Novak said at a meeting of the ministerial committee to monitor the implementation of the Vienna oil agreement in the Russian city of St Petersburg that the commitment of OPEC member states and independent producers reached 98 percent in June. "The countries participating in the agreement have shown an unprecedented level of discipline and commitment, which is close to 100 percent within six months, as well as countries that exceed 100 percent," Novak said.
He said the cut-off deal helped absorb 350 million barrels of oil in six months of the world market, which is oversupplied.
Meanwhile, Saudi Energy Minister Khalid Al-Falih said there would be no discussion of deepening oil production cuts during the ministerial committee meeting.
Faleh also noted that growth in demand for oil is enough to offset the impact of rising US oil production in 2018 and that it will lead to an improvement in the global energy market. However, the market has been under pressure in recent weeks due to OPEC's declining commitment to reductions due to increased production by Libya and Nigeria.