New record set in OPEC+ conformity level

Oil&Gas Materials 23 March 2018 09:26 (UTC +04:00)

Baku, Azerbaijan, March 23

By Leman Zeynalova – Trend:

Participating OPEC and non-OPEC producing countries have set a new record in February with their voluntary production adjustments, achieving a level of 138 percent, according to the OPEC-non-OPEC Joint Ministerial Monitoring Committee (JMMC).

“The Declaration of Cooperation continues to have a transformative effect on the global oil industry. Participating countries, working in concerted action, have once again demonstrated their dedication to expediting the rebalancing of the oil market. This has benefitted a broad range of energy stakeholders, including producers and consumers, as well as the world economy,” said a message on the cartel’s website.

Given the success of the Declaration of Cooperation, the JMMC called on participating countries to consider further opportunities to institutionalize their collaboration.

The Committee stressed that all participating countries should strive to achieve or exceed full conformity with their voluntary production adjustments.

The next meeting of the JMMC will take place in Jeddah, Saudi Arabia, in April 2018.

OPEC and several other non-OPEC producers have reached an agreement to extend the production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November 2016.


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