The Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) at its meeting on Sunday may develop proposals for the alliance’s conference in Vienna due on June 25-26, but it is early to speak about extending the oil output cut deal, Russian Energy Minister Alexander Novak told reporters, ONA reports citing TASS.
"I think now it is early to speak [about the need to extend the deal]. We need to meet and discuss everything," Novak said upon his arrival in Saudi Arabia.
"We need to listen to a report by a technical committee and assess the implementation of the deal over the past four months and also discuss the situation on the market in order to develop proposals for our June ministerial meeting," the minister said.
Ahead of the meeting, Novak plans to hold bilateral talks with Saudi Energy Minister Khalid al-Falih Al-Falih.
Earlier in the day, Kazakh Deputy Energy Minister Magzum Mirzagaliyev told reporters that the monitoring committee was not planning to make any recommendations for the June meeting.
The ministerial meeting of the OPEC+ monitoring committee in the Saudi city of Jeddah is taking place on Sunday. Eight countries are members of the ministerial monitoring committee: Saudi Arabia, Russia, Kuwait, Algeria, Venezuela, as well as the recently invited United Arab Emirates, Kazakhstan and Iraq. Russia and Saudi Arabia co-chair the committee. After the meeting the ministers will announce the results of the implementation of the Vienna deal on cutting the output. A source earlier told TASS that in April the deal had been fulfilled at 168%.