Baku, Azerbaijan, Jan.22
By Leman Zeynalova – Trend:
OPEC and participating non-OPEC countries have achieved a record-breaking conformity level of 129 percent with their voluntary production adjustments, said the Joint Ministerial Monitoring Committee (JMMC).
The monthly average conformity level for the first year of the Declaration of Cooperation was a remarkable 107 percent, said the JMMC based on the Report of the Joint Technical Committee (JTC).
“Conformity levels have increased on a monthly basis, from 87 percent in January to the outstanding current level. Once more, the unwavering resolve of participating countries to rebalance the market has been amply demonstrated,” said the committee.
The JMMC expressed satisfaction with the overall results and urged all participating countries to continue and, to the extent possible, intensify their collective and individual efforts, in the interests of bringing stability to the oil market. The JMMC will strive to maintain or exceed full conformity by all participating countries, throughout 2018.
The JMMC noted with satisfaction that the market had responded positively to the concerted actions of participating countries, to the benefit of producers, consumers and the global economy alike. Recent data confirmed that global oil demand growth will continue on a positive trajectory in 2018, buoyed by the strong performance of the global economy.
The next JMMC Meeting is scheduled to be held in April 2018 in Saudi Arabia.
In November 2016, the OPEC summit was held in Vienna, where OPEC members reached an agreement on reducing oil output by 1.2 million barrels per day. In December 2016 was a meeting of oil producers outside the OPEC. The meeting ended with signing an agreement to reduce oil production by a total of 558,000 barrels per day starting from January 2017.
OPEC and its partners decided to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.
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