The Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) and other oil producers, known together as OPEC+, is likely to recommend to extend the current oil output freeze agreement for nine months.
The Iraqi Oil Minister Thamir Ghadhban said this during the 15th meeting of the committee in Vienna on Monday.
“There is no change in the rollover for 9 months.
“Same level of production and commitments,” Ghadhban said.
He added that Libya, Iran, Venezuela, all of which experience lowered oil production rates amid political instability, were expected to be exempt from oil production quotas under the OPEC+ extended agreement, while Nigeria, also a state with decreased output rates, has not requested change of its quotas.
