On March 26th, the Organization of Petroleum Exporting Countries (OPEC) held a meeting with the Non-OPEC Oil - producing Minister Ministerial Regulatory Commission (MMC) in Kuwait, the Arab News reported. The meeting proposed to extend the implementation of crude oil production agreement reached at the end of last year to achieve a daily reduction of 180 million barrels of crude oil production. Representatives of Kuwait, Russia, Oman, Algeria, and Venezuela and so on attended the meeting.
According to the report submitted by the OPEC Joint Technical Committee (JTC), OPEC and non-OPEC oil producers have strictly enforced the limited production capacity in the past few months, with an implementation rate of 86% in January and 94% in February. Kuwait and Venezuela are in strong favor of the extension of the agreement, in order to further adjust the supply and demand of crude oil market to promote oil recovery. The Russian Minister of Energy had a different view about that. He believed that the existing data and information were not sufficient to prove appropriateness of the extension of the limited production period.
It is reported that OPEC will make a final decision on the extension of production limit at the meeting to be held in May.
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