PDVSA Petróleos de Venezuela : Joint OPEC-Non OPEC Ministerial Monitoring Committee concludes first meeting

Vienna.- On Sunday, the first meeting of the Joint OPEC-Non OPEC Ministerial Monitoring Committee (JMMC) was held in Vienna. They discussed the monitoring mechanism for the voluntary production adjustment agreed on December 10 for the stabilization of the oil market.

The inaugural meeting was chaired by Kuwait's Minister of Petroleum and Minister of Electricity and Water, Issam A Almarzooq, accompanied by Russia's Energy Minister Alexander Novak who is also JMMC's Alternate Chairman, and Saudi Arabia's Minister of Energy, Industry and Natural Resources Khalid Al-Falih, as President of the OPEC Conference.

The JMMC is composed of OPEC countries Kuwait, Nigeria and Venezuela, as well non OPEC countries Russia and Oman.

They agreed to create a Joint Technical Committee (JTC), made up of technical representatives from the 5 JMMC countries. In cooperation with the OPEC Secretariat, the JTC which will be responsible for preparing monthly reports on the production data, which they will submit to the JMMC.

Additionally, the ministers reaffirmed their commitment to joint efforts for the long term stability of the oil market for the benefit of oil producing countries as well as consumers.

The JMMC agreed to hold their next meeting after March 17 and before the upcoming OPEC Conference in May.