Kuwait – Mubasher: The secretary general of the Organisation of Petroleum Exporting Countries (OPEC) has said that the meeting for member and non-member states in OPEC will focus on the implementation of the recent agreement in Vienna to trim oil output.
A total of 11 countries from outside OPEC will take part in this historic meeting later today, Mohammed Sanusi Barkindo told the Kuwait News Agency (KUNA) in an exclusive interview on Saturday before the event.
The secretary general "expressed optimism about outcomes of this meeting and hoped that the results would meet interests of producers and consumers alike," KUNA reported.
The official stated that the meeting would see the ratification of the declaration adopted by oil producers on 30 November in Vienna. It is also likely that the deal will have a positive impact on oil prices, he added.
"Barkindo also expected that some oil-producing countries would join the special ministerial monitoring committee stemming from OPEC which is chaired by Kuwait and grouped Algeria and Venezuela," the news agency said.
The committee was established to monitor the implementation of the Vienna deal and ensure oil producers' commitment to reducing their production and sticking to their quotas, he added.
In November, OPEC members agreed to reduce output by around 1.2 million barrels per day (mbpd) to 32.5 mbpd starting January 2017.
Members agreed that the six-month deal will be subject to an extension. In addition, a committee will be created to oversee the execution of the agreement.
Barkinado noted that non-OPEC members were planning to trim their production by around 600,000 barrels daily.
