The countries participating in the OPEC oil production reduction agreement have changed plans for the venue of the upcoming meeting of the Ministerial monitoring Committee, the meeting will be held in Jeddah in Saudi Arabia on April 14-15, RIA Novosti reported citing Kuwait's Minister of oil Bahit al-Rashidi.
In January, the OPEC Ministerial monitoring Committee reported that its next meeting would be held in Riyadh, Saudi Arabia. Thus in February, a RIA Novosti source in OPEC said that the meeting will be held on April 14-15.
OPEC and a number of non-member countries (OPEC+) agreed at the end of 2016 in Vienna to reduce their oil production by a total of 1.8 million barrels per day from the level of October 2016. The agreement was concluded for the first half of 2017, and then extended until the end of March 2018. In November, OPEC+ Vienna once again extended the deal until the end of 2018.
The OPEC + Ministerial monitoring Committee was established to monitor compliance with the Vienna agreement and to make recommendations for its adjustment. It includes the representatives of Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia.