The next meeting of the Ministerial Committee OPEC+ will be held on November 29

© RIA Novosti / Alexei Vitvitskiy in photobacteria meeting of the Organization of countries-exporters of oil (OPEC). Archival photoThe next meeting of the Ministerial Committee OPEC+ will be held on November 29© RIA Novosti / Alexei Vitvitskiy the image Bank

The next Ministerial meeting on monitoring the implementation of the agreement by OPEC and several non-organization of States on the reduction of oil production will take place on November 29 in Vienna, according to a press release, OPEC.

Friday hosted the fifth meeting of the Ministerial Committee for monitoring the implementation of the Vienna agreement.

It was attended by the energy Ministers of Russia, Kuwait, Algeria, Venezuela, Libya and Nigeria and the representatives of Saudi Arabia and Iraq.

Meeting of the Ministerial monitoring Committee of the Vienna trades in November will be held on the eve of 173 summit of OPEC. Earlier it was reported that he will be held in Vienna on 30 November.

OPEC and a number of not members of the organization countries agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from October levels, of which 300 thousand are in Russia. The agreement was concluded for the first half of 2017 with possibility of extension. In may, its validity was extended for nine months until the end of March 2018.

To monitor compliance with the agreement and develop recommendations for adjustments in the terms and conditions was created the Ministerial monitoring Committee, which meets once in two months. It includes the representatives of Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia. The implementation of the agreement following a technical Committee consisting of experts from the Ministerial Committee. He’s going every month. The meetings are also attended by the OPEC Secretary General Mohammed Barkindo.

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