OPEC, Non-OPEC Nations May Return To 100% Output Deal Compliance In Sept-Oct - Novak

ALGIERS (Pakistan Point News / Sputnik - 23rd September, 2018) The Organization of the Petroleum Exporting Countries (OPEC) and non-cartel producers are likely to return to the 100-percent compliance with the Vienna deal as soon as September or October by stepping up oil production, Russian Energy Minister Alexander Novak said on Sunday.

On Sunday, the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) gathered in Algiers to discuss the implementation of the commitment to boosting production by 1 million barrels per day due to over-compliance with the deal over the falling output risks in Iran and Venezuela. Following the meeting, Kuwait's Oil Minister Bakheet Rashidi said that the participants agreed to reach full conformity with the Vienna deal in the following two months.

"I think that we will reach this [100-percent] target as soon as September. September-October," Novak told reporters, asked when the OPEC and non-OPEC members would reach full compliance with the oil output cut deal.

In 2016, OPEC and several non-OPEC oil producers agreed to cut output by a total of 1.8 million barrels per day in an effort to stabilize global oil prices. The agreement, which came into effect in 2017, has been extended twice since then and will remain in force until the end of 2018.

In August, the compliance of OPEC and non-OPEC countries with the Vienna deal totaled 129 percent, according to Novak.