Monitoring committee will meet every month to review the market and recommend levels of cuts. FMTNews
MOSCOW: Opec, Russia and allies were set on Saturday to extend record oil production cuts until the end of July after crude prices doubled in the past two months on the back of their efforts to withdraw almost 10% of global supplies from the market.
The draft Opec+ declaration said a joint ministerial monitoring committee, known as the JMMC, would now meet every month until December to review the market and recommend levels of cuts.Two Opec sources said the group had already agreed to a one-month extension to cuts that have been made by its members.
Trump, who previously threatened to pull US troops out of Saudi Arabia if Riyadh did not act, spoke to the Russian and Saudi leaders before Saturday’s talks, saying he was happy with the price recovery.
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