OPEC-non-OPEC countries achieve highest ever conformity level at 149% in March

JEDDAH, OPEC and participating non-OPEC countries have achieved a conformity level of 149 percent in March with their voluntary production adjustments, the highest level so far, announced the OPEC/Non-OPEC Joint Ministerial Monitoring Committee (JMMC) following it 8th meeting in Jeddah, the Kingdom of Saudi Arabia, on 20 April 2018.

”Once again, participating countries have demonstrated unwavering dedication to achieving the rebalancing of the global oil market, as demonstrated by the high conformity level of 149 percent. Their collective efforts continue to yield positive results, with market fundamentals being solid. OECD commercial stock levels have been adjusted from a peak of 3.12 billion barrels in July 2016 to 2.83 billion barrels in March 2018, corresponding to a drop of 300 million barrels. Nevertheless, it was noted that the current commercial stocks remain above levels seen before the market downturn,” said the JMMC in a press release.

The highest conformity for the month of March 2018 followed successive months of record-breaking performances.

The JMMC urged all participating countries to remain focused on and, where necessary, intensify their efforts on the basis of the core principles of transparency, fairness and equity, which are central to the “Declaration of Cooperation.”

Given the ongoing transformative impact which the “Declaration of Cooperation” has on the global oil market, the JMMC will continue to think through further means of strengthening the Cooperation.

The next JMMC Meeting is scheduled to be held on 21 June 2018 at the OPEC Secretariat in Vienna, Austria.

Source: Emirates News Agency