Having kept crude and condensate output at an unusually consistent 970,000 b/d since the Opec+ ‘declaration of cooperation’ deal took effect in January 2017, last week’s decision to reduce over-compliance means Oman has freedom to increase output (MEES, 22 June).
The Joint Ministerial Monitoring Committee (JMMC) will “coordinate amongst the countries with spare capacity” says Saudi Energy Minister Khalid al-Falih, adding that “it just so happens that the JMMC has the membership of Saudi Arabia, the UAE, Kuwait, Oman, Algeria and Venezuela, and with the exception of Venezuela all of the other countries hold most of the spare capacity today” (MEES, 29 June). (CONTINUED - 851 WORDS)
