economy Since 2017-07-29 at 17:32 (Baghdad time)
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Representatives of some Opec member states and abroad will meet in Abu Dhabi on August 7-8 to discuss ways to boost compliance by producing countries with production cuts set out in the Vienna oil agreement.
The Organization of the Petroleum Exporting Countries (OPEC) said in a statement that the joint technical committee between OPEC and non-OPEC countries will meet in the UAE capital on August 7-8, with the meeting being chaired by Russia and Kuwait, in the presence of representatives of Saudi Arabia.
The Technical Committee will discuss with some participants of the Vienna Convention issues relating to oil production and ways to improve compliance with the Agreement with a view to achieving a more rapid equilibrium in the oil market.
The meeting of the Technical Committee follows the meeting of the ministerial committee to monitor the implementation of the Vienna oil agreement, which includes Kuwait, Venezuela, Algeria, Saudi Arabia, Russia and Oman, in St. Petersburg last week.
During the meeting, Russian Energy Ministers Alexander Novak and Saudi Khalid Al-Falih stressed the need for all producing countries to commit themselves to the production cuts stipulated in the agreement by 100%
OPEC member Iraq's compliance rate in June fell to 29%, the lowest level yet, while the UAE reduced its production by only 60% of the reduction provided under the agreement.
The International Energy Agency said in its report last month that the level of compliance of the agreement fell last month to 78% from 95% in May. While the compliance index fell last month to its lowest level, it recorded 92% in the first six months of this year, a "strong result by historical standards".
The agreement between producers from OPEC and abroad, led by Russia, to reduce production levels from the beginning of this year by 1.8 million barrels per day, and extends the agreement to the end of March 2018.