OPEC+ to decide on extension of oil output cut deal on July 1-2 in Vienna

Members of the Organization of the Petroleum Exporting Countries (OPEC) and 10 non-OPEC countries that are part of the oil output cut deal are set to gather in Vienna on July 1-2 for a series of ministerial meetings to make an official decision on the fate of the agreement on limiting output that expires in June, Trend reports citing Sputnik.

On Sunday, the first meeting of the group took place, with technical experts meeting in the form of the Joint Technical Committee (JTC) to calculate compliance with oil production cuts.

The next day, the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) will take place in the morning followed by the meeting of 14 countries of OPEC, at the end of which a recommendation of the JMMC on how to proceed with the deal taking into account market conditions and the decision of the 14-member group on the fate of the accord is expected.

However, only on July 2, after meeting with the 10 non-cartel producers, including Russia, OPEC will officially announce the group’s decision.

On December 7, participants of the OPEC+ oil output cut deal, which has been in force since 2017, agreed to reduce overall production by 1.2 million barrels per day but only in the first half of 2019. OPEC member states pledged to cut production by 800,000 barrels per day, while non-OPEC countries agreed to reduce it by 400,000 barrels per day.