Baku, Azerbaijan, Feb.24
By Leman Zeynalova – Trend:
OPEC and non-OPEC producers have achieved a conformity level of 86 percent, according to the January report of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC).
The Joint OPEC-Non-OPEC Ministerial Monitoring Committee reported today that based on the Report of the Joint OPEC-Non-OPEC Technical Committee (JTC), OPEC and non-OPEC countries are on the right track towards full conformity with their adjustments in production.
The JMMC expressed its satisfaction with the progress made towards full conformity with the production adjustments.
The JMMC noted that there is still room for improvement to reach 100 percent conformity, and, in this regard, urged all parties to press on towards full and timely conformity.
The second meeting of the JTC is scheduled to take place in Vienna in March 2017, which shall be followed by the next JMMC Meeting to be held in Kuwait on March 25-26, 2017.
During a meeting in Vienna, Austria, on Nov. 30, 2016, OPEC members decided to implement a new production target of 32.5 million barrels per day. Later, non-OPEC countries agreed to cut the output by 558,000 barrels per day during the meeting held Dec. 10, 2016.
Eleven non-OPEC countries – Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan – agreed to reduce the oil output.
OPEC and non-OPEC countries pledged to start implementing the deal from Jan. 1, 2017 for six months, extendable for another six months.
It was also decided to establish a High-level Monitoring Committee, consisting of oil ministers, and assisted by the OPEC Secretariat, to monitor the implementation of the agreement.
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