MOSCOW, Sept 24 (Agencies): The OPEC monitoring committee will analyse the forecast of the oil market situation for the next year to assess a necessary oil production level in the deal's member nations, the Russian energy ministry said on Sunday after a ministerial meeting in Algiers earlier in the day.
"The ministerial committee issued instructions to the JTC (Joint Technical Committee - TASS) to continue to monitor the situation on the oil market and the level of implementation of the Declaration of Cooperation [between OPEC and non-OPEC nations] in the light of the task of 100 per cent fulfilment of the agreement and to analyse the forecast for 2019 and issue recommendations concerning oil production volumes sufficient to keep the market in the balanced position next year," the ministry said.
The ministers expressed satisfaction with the current forecast for the oil market development and welcomed relative balance between the supply and demand, the ministry noted.
"Apart from that, the committee called on countries having unrealized oil production potential to ensure, in cooperation with oil buyers, that their demand be satisfied by the end of 2018," the ministry said.
The Joint Ministerial Monitoring Committee (JMMC) will have its next meeting in Abu Dhabi on November 11.
An OPEC source told TASS earlier in the day that the next JMMC meeting was preliminarily appointed on November 11, in Abu Dhabi.
According to the source, the next regular OPEC conference will be held in Vienna on December 6 and an OPEC+ meeting is planned for the following day.
Meanwhile, Iran called on its OPEC partners on Sunday not to bow to 'threats' from US President Donald Trump, as the oil cartel prepared to meet to discuss output levels.
"I hope the outcome of this meeting will not be affected by President Trump's threats," Oil Minister Bijan Namdar Zanganeh told SHANA, his ministry's news agency.
Ahead of Sunday's meeting in Algiers of the Organisation of Petroleum Exporting Countries, Trump tweeted that "the OPEC monopoly must get prices down now!" by raising output.
Middle East states "would not be safe for very long" without the United States, the president also wrote on Thursday.
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