OPEC/Non-OPEC Joint Technical Committee meets in Vienna this week

The meeting of the Joint Technical Committee of OPEC and non-OPEC countries will take place from August 21-25 in Vienna. The meeting is scheduled to discuss ways to increase compliance under the cut production agreement, which was implemented in late 2016.

Before the meeting, crude oil prices fell on world markets ahead of the committee meeting yesterday. Where it fell to a daily low of 47.20$ a barrel before recovering significantly by the beginning of trading today to reach levels of 47.80 dollars.

OPEC had reached an agreement with some non-OPEC countries in December 2016, with 1.8 million bpd being cut from the market. On May 25 OPEC members agreed to extend production cuts by an additional 9 months until March 2018.

The Ministerial Committee and the Technical Committee were established to monitor compliance with the Agreement and to make recommendations on adjusting the conditions. The Committee includes experts from Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia.