Baku, Azerbaijan, June 22
By Leman Zeynalova – Trend:
OPEC and participating non-OPEC producing countries recorded the highest conformity ever with their voluntary adjustments in production, achieving a level of 106 percent, said the the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) based on the report of the Joint OPEC-Non-OPEC Technical Committee (JTC) for May 2017.
The JMMC expressed great satisfaction that overall conformity levels by OPEC and participating non-OPEC producing countries have steadily increased from January to May 2017, exceeding 100 percent in both April and May to reach its highest level since January 2017, said the message posted on OPEC’s website.
“In May 2017, the OPEC and participating non-OPEC producing countries achieved a conformity level of 106 percent, an increase of 4 percentage points over the April 2017 performance. This is a convincing demonstration of the willingness of all participating countries to continue their cooperation until the set goal is achieved,” said the message.
The JMMC took note of the recent market development and expressed confidence that the oil market is moving in the right direction towards the achievement of the objectives of the Declaration of Cooperation, and further encouraged all participating countries to press on towards full conformity and maintain this level for the benefit of producers and consumers alike, as has been consistently advocated.
The next JMMC Meeting is scheduled to be held in St. Petersburg, Russia, on 24 July 2017.
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.
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