OPEC+ Monitoring Committee holds meeting in Jeddah

The 8th meeting of the Joint Ministerial Monitoring Committee (JMMC) has started in Jeddah, Saudi Arabia, where OPEC and non-OPEC oil ministers will discuss the oil production cut deal.

OPEC and its allies achieved 149 percent of pledged output reductions last month, up from 138 percent in February, Russia's Energy Minister Alexander Novak said before the meeting started.

The minister noted that OPEC and non-OPEC countries may ease oil production cuts as early as this year.

Novak said that it was too early to talk about the format of cooperation between OPEC and non-OPEC countries after 2018, and that cooperation may not necessarily be about extending output quotas, once the deal on oil production curbs expires by the end of this year, TASS reported.