OPEC/non-OPEC reach highest ever conformity level
Baku, Azerbaijan, Sept.23
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 116 percent, said the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) based on the report of the Joint OPEC-Non-OPEC Technical Committee (JTC) for the month of August 2017.
At its 5th meeting, which took place Sept.22 in Vienna, Austria, the JMMC welcomed the participation of Iraq, Libya and Nigeria, and the reaffirmation of their commitment to work closely with other participating producing countries to ensure the success of the oil output cut deal.
The JMMC noted that while some participating producing countries have consistently performed beyond their voluntary production adjustments, others are yet to achieve 100 percent conformity. Furthermore, the JMMC underscored the critical importance that all participating producing countries reach or exceed the 100 percent conformity rate.
The next JMMC meeting is scheduled to be held in Vienna, on 29 November 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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