Global oil pro­duc­tion choices be­yond JMMC ju­ris­dic­tion: Min­is­ter

Kuwait Times - - LOCAL -

The Joint OPEC-Non-OPEC Min­is­te­rial Mon­i­tor­ing Com­mit­tee (JMMC) has no author­ity over ex­ec­u­tive de­ci­sions to con­tinue low­er­ing global oil pro­duc­tion, Min­is­ter of Oil and Min­is­ter of Elec­tric­ity and Wa­ter Es­sam AlMar­zouq said yes­ter­day.

In a joint press con­fer­ence with Venezuela’s Oil Min­is­ter Eu­lo­gio del Pino, Mar­zouq - who chairs the com­mit­tee said that it was too early to take a de­ci­sion whether to con­tinue to re­in­force or deepen the pro­duc­tion de­crease. He in­di­cated the cur­rent pro­duc­tion rate will con­tinue to be im­ple­mented un­til March of 2018.

OPEC’s min­is­te­rial com­mit­tee might con­sider rec­om­men­da­tions made by the JMMC as long as it was backed by solid data and num­bers, said the min­is­ter who stressed that there were no de­ci­sions yet to deepen the pro­duc­tion cuts.

In re­gards to del Pino’s visit to Kuwait, Mar­zouq said that it was within the JMMC’s ef­forts to ex­change views on the sta­tus quo of the global mar­ket and the pro­duc­tion cut de­ci­sion. The meet­ing with del Pino also touched on the re­cent nat­u­ral dis­as­ters in the US which had an ef­fect on global crude mar­kets, added Min­is­ter Mar­zouq.

The JMMC is com­posed of three OPEC mem­bers Kuwait, Al­ge­ria, and Venezuela - and two non-OPEC coun­tries, Rus­sia and Oman. Its next meet­ing will be on Septem­ber 23, said Al-Mar­zouq who in­di­cated that the com­mit­tee will dis­cuss re­ports and rec­om­men­da­tions re­gard­ing the global prices dur­ing the event.

The Kuwaiti Min­is­ter noted that other OPEC na­tions such Libya and Nige­ria might be in­vited to dis­cuss the pos­si­bil­ity of low­er­ing their pro­duc­tion to meet de­mand for a sta­ble mar­ket. Coun­tries not part of the cur­rent pro­duc­tion cut deal might also be asked to join the cur­rent ef­forts, said the min­is­ter.

Mean­while, Min­is­ter del Pino said that he had vis­ited sev­eral coun­tries in the past 15 months to en­sure that the deal would hold. He lauded Kuwait’s strong lead­er­ship and de­sire to keep the mar­ket sta­ble. Del Pino af­firmed that he would con­tinue to meet with OPEC coun­ter­parts to make sure that all in­volved par­ties com­mit to the deal, adding that it was im­por­tant not to spread false news and ru­mors that might com­pro­mise the whole ef­fort.

At the De­cem­ber meet­ing, 11 non-OPEC oil pro­duc­ers co­op­er­ated with the 13 OPEC mem­ber coun­tries in a con­certed ef­fort to ac­cel­er­ate the re­bal­anc­ing of the global oil mar­ket through an ad­just­ment in com­bined pro­duc­tion of 1.8 mil­lion bar­rels per day. — KUNA

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