The OPEC+ ministerial committee recommended that its members be ready to commit to further necessary measures designed to stabilize the energy market apart from the oil cuts of 7.7 million barrels a day, due to the remaining COVID-19 uncertainties, the cartel said on Thursday
MOSCOW (Pakistan Point News / Sputnik - 17th September, 2020) The OPEC+ ministerial committee recommended that its members be ready to commit to further necessary measures designed to stabilize the energy market apart from the oil cuts of 7.7 million barrels a day, due to the remaining COVID-19 uncertainties, the cartel said on Thursday
Earlier in the day, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) met to discuss the compliance with the agreed quotas of oil production cuts amid market concerns about the chronic underperformance of some members.
"The JMMC observed that the recovery has not been even across the world and an increase in COVID-19 cases has appeared in some countries. In the current environment, the JMMC emphasised the importance of being pro-active and pre-emptive and recommended that participating countries should be willing to take further necessary measures when needed," the OPEC said in a statement.
