OPEC+ JMMC to Focus on Production Cuts Deal Implementation in July at Next Talks - Novak

ANADYR (Pakistan Point News / Sputnik - 13th August, 2020) The OPEC+ Joint Ministerial Monitoring Committee (JMMC) is expected to focus on the oil production cuts deal implementation in July and on the current energy market situation at its next meeting, which will be held later in August, Russian Energy Minister Alexander Novak said on Thursday.

"I believe it will be a routine meeting, we should once again assess the implementation of the deal in July and confirm that decreased quotas have come into force in August and all the companies and countries comply with them," Novak said.

"As I see it, no one proposes any abrupt moves, there are no additional offers," Novak added, when asked about the possible additional relaxations of the deal.

On April 12, the OPEC+ countries agreed to reduce oil production by 9.7 million barrels per day in May and June, followed by 7.7 million barrels per day for the year's second half, and then 5.8 million barrels per day until April 2022.