Baku is holding the 13th meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) today.
The event then will feature a presentation on the pace of oil market development, and the report of the Joint Technical Commission on production figures for February will be read out.
A day before the JMMC meeting, Baku hosted the 27th meeting of the Joint Technical Commission. In February the level of compliance with the oil output cut deal reached 89% compared with 83% in January.
It is expected that Azerbaijan’s Energy Minister Parviz Shahbazov, chairman of the Joint Monitoring Committee, Minister of Energy, Industry and Natural Resources of Saudi Arabia Khalid Abdulaziz Al-Falih, president of OPEC, People's Minister of Petroleum of the Bolivarian Republic of Venezuela Manuel Salvador Quevedo Fernandez and Secretary General of OPEC Mohammed Barkindo will make an opening speech at the meeting.
The meeting on March 18 will also include ministers and senior representatives of Algeria, the UAE, Kuwait, Iraq, Libya, Nigeria, Congo, Russia, Kazakhstan, Bahrain and Brunei.
The Saudi Arabian Minister of Energy said before the start of the meeting of the ministerial monitoring committee that the job of OPEC and its allies was not done yet adding that the group of oil producers needed to "stay the course" at least until June when the current global supply cut agreement is due to expire. The minister added that it’s too early to make an extension decision in April.
He said Saudi Arabia’s oil production in April will be below its output target under the OPEC-led deal. "We will continue to lead by example and do what we have to do," Reuters cited him as saying.
Falih added that OPEC + has invited Iraq, Kazakhstan and Nigeria to join the monitoring committee. "We invited Iraq, Kazakhstan and Nigeria," he said.
Russia's Deputy Energy Minister Pavel Sorokin said at the opening of the meeting that Russia is committed to the implementation of the OPEC+ agreement and oil production volumes in the country show this.
He expressed hope that today's meeting will become another step to achieve better results in the oil market, to provide even better understanding and elimination of uncertainty, and to discuss further steps during the first six months of the agreement’s implementation.
Parviz Shahbazov in his address stressed that Azerbaijan is ready to further support the efforts of OPEC to maintain balance in the oil market.
He noted that today's "event shows the historical role of Azerbaijan in the oil industry." "Azerbaijan doesn’t export oil in large volumes, but plays a big role in ensuring energy security in the world," the minister added. He expressed hope that the "OPEC+ charter will be finalized soon."
Parviz Shahbazov pointed out that cooperation between countries is important to prevent risks in the oil market. "OPEC+ provides main support to the oil market. We see positive results of this agreement," Azerbaijan’s Energy Minister concluded.
A joint OPEC and non-OPEC ministerial monitoring committee includes Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Algeria, Venezuela and Oman.