News ID: 237395
Published: 0325 GMT January 15, 2019

OPEC eyes mid-March monitoring committee meeting, mid-April full ministerial

OPEC eyes mid-March monitoring committee meeting, mid-April full ministerial

A key OPEC alliance monitoring committee proposed meeting on March 17-18 in Baku, Azerbaijan, to assess progress in rebalancing the oil market two-and-a-half months into its output cut agreement.

OPEC will then likely hold its full ministerial meeting in Vienna on April 17, with Russia and nine other non-OPEC partners joining talks the following day, officials told S&P Global Platts.

The producer group and its allies in December 2018, agreed to collectively cut 1.2 mbd for the first six months of 2019 to prevent a supply glut after prices plummeted.

OPEC typically holds a biannual meeting in late May, or June. However, the group decided last month to push the next gathering up to April in order to more proactively respond to the market and potentially extend its cuts.

The monitoring committee is composed of ministers from Saudi Arabia, Kuwait, Venezuela and Algeria from OPEC and Russia and Oman from the non-OPEC contingent. Azerbaijan will join the meeting as its host.

OPEC pumped 32.43 mbd in December, according to the latest Platts survey of OPEC production, but the 11 members with quotas under the output cut deal would need to cut another 950,000 bpd to be in compliance. The deal exempts Iran, Libya and Venezuela.

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