OPEC+ Joint Monitoring Committee meeting to be held on December 5 - source

OPEC+ Joint Monitoring Committee meeting to be held on December 5 - source

The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) meeting and the OPEC meeting will be held on December 5.

The OPEC and non-OPEC meeting is expected to be held on December 6, according to an OPEC source.

The OPEC+ production reduction pact aimed at stabilizing crude prices is valid until the end of March 2020. In total, the countries participating in the agreement (24 crude exporters, including Russia) should reduce production by 1.2 mln barrels per day to the level of October 2018. Under the deal, OPEC and non-OPEC nations are obliged to cut their oil output by 812,000 and 383,000 barrels per day, respectively, TASS recalls.

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