OPEC and Russia are monitoring the process of declining oil production

The representatives of the countries of the international organization OPEC, together with representatives of other oil-producing countries that are not members of the organization, on 22 January, again meeting again in Vienna. Their goal is to track how is the process of reducing oil producing countries that have signed the corresponding agreement and as this agreement is maintained at the moment.

The news Agency “Mehr”, citing Bloomberg, reported the following: Ministers of oil and energy of Saudi Arabia, Kuwait, Algeria, Venezuela, as well as their colleagues from countries outside OPEC, including Russia and Oman, should hold a special meeting to discuss how the 24 countries that signed the agreement to reduce oil production, it is performed, and to examine and share experiences in the implementation of this agreement.

This group of countries at the end of last year, the Christian calendar has made a commitment to achieve in the first half of the coming 2017 reduce oil production in the range of 108 barrels per day.
The aim sought by the group of oil — producing countries to confirm their seriousness to stop excessive and unrestrained in the past three years, the growth of volume of supply in the oil market, and thus to eliminate the existing concerns about the fact that the countries-leaders of world oil production shirk obligations.

The level of world oil prices after the OPEC countries and certain other countries outside the organization have signed the present agreement, already reached the level of 58 dollars per barrel, which is an absolute record for 18 months prior to reaching the agreement. But while oil exporters expect real evidence that would indicate the country party to the agreement commitments, the overall level of oil prices to date has declined by about 5 %.

As discussed, the energy Ministers of leading oil-producing countries met Saturday for an informal work dinner, and then gathered in the headquarters of the OPEC for the first official meeting of the Committee of observers for the control of oil production with OPEC.

According to the testimony of one familiar with the situation sources, the agenda of the meeting of the Committee will focus not so much on how to get new statistics, and how and through what mechanism it will be possible before the end of the current calendar month, to keep track of exactly how and to what extent countries that are signatories to the agreement abide by it.

Currently, the Committee has to verify the implementation mechanisms of the agreement, any plans and programmes on the use of external (third party) of the controlling agencies, for example, a foreign consulting firms who could observe or track the movement of oil tankers.