OPEC’s Joint Ministerial Monitoring Committee (JMMC) may discuss new metrics for the global oil cuts deal when it convenes in Abu-Dhabi on Sept. 12, TASS cited OPEC Secretary-General Mohammad Barkindo as saying on Monday.
The group, known as OPEC+, uses certain targets, or metrics, for its deal, such as 5-year average oil stocks in the developed countries.
“This is not on the agenda, but we can discuss it as we will discuss the market situation,” TASS cited Barkindo as saying about the targets.
Saudi Arabia and Russia are members of the JMMC, which includes other major oil producers who took part in a global supply pact in 2018, including Iraq, the United Arab Emirates (UAE), Kuwait, Nigeria and Kazakhstan.
United Arab Emirates’ Minister of Energy and Industry Suhail al-Mazrouei said on Sunday that OPEC and non-OPEC producers are “committed” to achieving oil market balance.
Asked about possible deeper production cuts, the minister told a news conference in Abu Dhabi that he was not concerned about current oil prices, rather the level of oil inventories.
Politics and global trade tensions are affecting the market more than demand and supply, Mazrouei said, but he was quick to rule out hasty steps influenced by the trade war between the United States and China.
“The fear of slower (oil) demand is only going to happen if that tension is escalating and I am personally hopeful that is not the case,” Mazrouei said.