expects non-OPEC oil supply growth to increase by 200,000 barrels per day in 2018, driven mostly by US, Canada, Kazakhstan and Brazil, according to the organization's report.
The Organization of the Petroleum Exporting Countries, Russia and other non-Opec producers have extended the pact until the end of 2018, even though Opec
sources say the market is now expected to balance between the second and third quarters.
The JMMC includes member states of OPEC
and non-OPEC members such as Oman and Russia.
The meeting is part of the lead up to the 3rd Opec
and non-Opec Ministerial Meeting, which will be held at the Opec
headquarters on 30 November.
Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC
NGLs and non-conventional oil, while estimates for OPEC
crude production are based on secondary sources.
The Joint Ministerial Monitoring Committee (JMMC) will monitor the implementation of the resolution, in light of the supply and demand balance and report back to the members, according to OPEC
The minister also sounded happy with an OPEC
agreement to formalize a charter for cooperation with other oil producers although he insisted that the document had "no impact on the OPEC
and its mechanisms for decision taking".
producers Kuwait and the United Arab Emirates are also keeping their output in July within the Opec
target and will not be raising their production, the sources added.
members will cut production by 800,000 barrels per day, non- OPEC
members such as Russia would contribute a 400,000 bpd reduction to ease the glut in oil markets.
In an opinion piece written to mark the end of his tenure as President of the Opec
Conference, and to shed light on the organisation's achievements during 2018, the UAE Energy Minister highlighted that one of the most notable achievements of 2018 was undoubtedly the progress made in developing a charter between Opec
and its non-Opec partners to continue collaborating in the years ahead.
The announcement comes ahead of the meeting by OPEC
and its allies including Russia on Dec.