Trend Press / Agencies
Oman will host the seventh meeting of the Joint Ministerial Committee of the Organization of Petroleum Exporting Countries (OPEC) and non-member producers on January 21, the Ministry of Oil and Gas announced on Wednesday.
This came in a tweet published by the Ministry of Oil and Gas in the Sultanate of Oman today, at its official expense on the social networking site "Tautir".
This is the first ministerial meeting this year (2018), paving the way for further cooperation between OPEC members and outside the new year.
Members of OPEC and independent producers led by Russia began in early 2017 to cut output by 1.8 million barrels per day (bpd) for six months and then extended until the end of March 2018.
On November 30, 2017, the Organization of the Petroleum Exporting Countries (OPEC) agreed to extend the oil production cut by an additional 9 months ending in December 2018, amid steps being taken by FAO and independent producers to cut oil stocks.
For his part, described the oil expert, Ahmed Hassan Karam, the meeting as a coordination consultation to review the decision to reduce production and its impact on the price of oil desired.
"It is not expected that there will be important and influential decisions in this meeting," Karam said in a telephone conversation with Anadol from Kuwait.
"The meeting may be discussing the unrest in Iran and its impact on oil prices, but no decision will be taken in this regard."
Oil prices this year have hit their highest level since May 2015, and global benchmark crude has surged above $ 68 a barrel, buoyed by continuing tensions and unrest in Iran.
"There are more details about the meeting that will be announced during a preliminary conference to be held next Sunday morning," the ministry said.
A number of heads of delegations and representatives of OPEC member states and non-member producers are expected to attend the ministerial meeting.