OPEC, non-OPEC monitoring committee to allocate output hike quotas

OPEC and non-OPEC joint monitoring committee will consider the distribution of oil output increase quotas among the producers, KUNA reported Sunday, citing Kuwait's Energy Minister, Bakhit al-Rashidi.

The Minister noted that the committee will be headed by the Saudi Energy Minister Khaled Al-Falih and his Russian counterpart Alexander Novak. It will work on reaching the best result for distributing the supply increase over the 24 producing countries.

Rashidi highlighted that all the countries that signed Vienna agreement will abide by the output increase, starting from July 2018.

The deal stresses on the importance of returning to the agreed levels of 1.8 million barrels per day between OPEC and non-OPEC producers.

In a Saturday statement, OPEC and non-OPEC members agreed on raising the oil supply by returning to 100 percent compliance with previously agreed output cuts, according to data compiled by Argaam.