VIENNA, May 24 (Xinhua) -- The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) convened in Vienna on Wednesday, recommending a 9 months extension plan for the 1.8 million barrels per day oil production cut.
OPEC is to make a decision on Thursday in Vienna if the oil cartel would extend its oil output cut which aims to rebalance the oil market from a supply glut.
The JMMC was established following OPEC's 171st Ministerial Conference Decision of Nov. 30, 2016, to monitor the joint 1.8 million barrels per day oil output cut.
JMMC's recommendation is seen as a sign that oil producers are moving closer to the nine months output cut target.
According to the report of JMMC, as of April 2017, the OPEC and participating non-OPEC producing countries achieved an impressive conformity level of 102 percent, a very high conformity for the oil production coalition.
