They meant to prove the Organization of Petroleum Exporting Countries is serious about eliminating a global glut and dispel skepticism stemming from previous unfulfilled promises.
OPEC and key non-OPEC oil producers are near their target of taking 1.8 million barrels of crude a day off global markets less than two months after agreeing to do so in efforts to push up the price of crude, Russia's energy minister said Sunday.
On claims that Iran's oil production had reached over 3.9 million barrels per day going beyond the figure specified in OPEC cut agreement, Deputy Head of NIOC for Development and Engineering Affairs Gholamreza Manouchehri said differences existed between statistics announced by Iran and those reported by Organization of the Petroleum Exporting Countries (OPEC).
The countries have already cut oil supply by 1.5 million barrels a day, more than 80 percent of their collective target, since the deal took effect on January 1, Saudi Arabia's Minister of Energy and Industry Khalid Al-Falih told reporters in Vienna. About 100,000 barrels per day were already cut on average, he said.
Kuwaiti Oil Minister Essam Al-Marzouq, who chairs the five-member committee, said they will meet next after March 17 in Kuwait.
Falih also brushed off a new energy policy statement from the Trump administration, which said the US would seek independence from OPEC but maintain close relationships with its Persian Gulf allies to fight terrorism. The Russian Energy Minister told reporters he is positive about the meeting.
Falih said last week that 1.5 million bpd in crude production had already been taken out of the market.
With January not yet complete, the first meeting will focus mostly on how compliance will be assessed rather than producing any new data, said one person. The largest producer involved in the agreement said it would make a daily reduction of 300,000 barrels by April or May.