OPEC experts have prepared proposals on reduction of oil production

VIENNA, November 22 — RIA Novosti. Experts of the OPEC on Tuesday on the first full day of the meeting, which discussed the issue of implementation of the agreement on limiting oil production by the cartel, has prepared a final package of proposals for discussion and approval at the forthcoming 30 November the next meeting of Ministers of member States of the organization. This was reported by a source in the organization.

“The work of the technical Committee have been very successful. Now the Committee will give final report to the Ministers for consideration during the meeting on 30 November,” he said.

As previously stated by the delegate of Nigeria, Ibrahim Vaya (Ibrahim Waya), limiting the level of OPEC production will last six months, not the previously proposed 12 months. The reduction of restrictions will be required because of the complexity of the introduction of limits at all.

Compliance will be monitored by a special technical group. Also, according to him, experts of the OPEC have discussed the discrepancies in the levels of production used by the cartel (secondary sources) and lead the countries of the organization. This question still remains controversial, as well as the intention of Iran to continue to increase production to pre-sanctions levels, and the country’s request to exclude it from the transaction on freezing.

In late September, OPEC’s informal meeting in Algeria agreed on a restriction of output in the range of 32.5-33 million barrels of oil per day, but specific limits for each of the countries of the organization while there is no agreement. The final decision on the agreement should be made on the official OPEC meeting on November 30 in Vienna.