ECONOMY

OPEC +: Arkab will take part in 19th JMMC meeting on Thursday

ALGIERS - Minister of Energy Mohamed Arkab will participate on Thursday in the works of the 19th meeting of the Joint Ministerial Monitoring Committee (JMMC) which will review the situation of the international oil market and the prospects of progress, a ministry statement said on Wednesday.

"The Minister of Energy and President of the OPEC Conference, Mr. Mohamed Arkab, will participate in the work of the 19th Meeting of the OPEC / non-OPEC Joint Ministerial Monitoring Committee (JMMC), which will be held on Thursday, June 18, 2020, by videoconference," said the same source.
This meeting will review the situation of the international oil market and its short and medium-term development prospects, the statement added.

The JMMC members will also assess the level of compliance with the oil output cut commitments by the signatories countries of the Declaration of Cooperation for the month of May 2020, as decided on April 12 during the 10th OPEC and Non-Opep Ministerial meeting, the ministry said.

The JMMC is composed of seven member countries of OPEC (Algeria, Saudi Arabia, United Arab Emirates, Iraq, Kuwait, Nigeria and Venezuela) and two non-OPEC member countries (Russia and Kazakhstan).