Baku, Azerbaijan, July 29
By Emil Ilgar – Trend:
The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) plans to meet in Abu Dhabi, UAE, to discuss the compliance of oil producers, obliged to cut production.
According to the latest OPEC’s assessment, the participating OPEC and Non-OPEC producing countries achieved a conformity level of 98% in June 2017.
OPEC and some other oil producers, like Russia have committed to cut oil production by about 1.8 mb/d from January 2017 to March 2018.
Following the 4th Meeting of JMMC in St. Petersburg, Russia, on 24 July 2017, the Joint OPEC-Non-OPEC Technical Committee (JTC) has been instructed to convene with some OPEC Member Countries as well as some non-OPEC participating countries to identify ways and means of raising levels of conformity, OPEC reported July 29.
Consequently, meetings will be held in Abu Dhabi, United Arab Emirates, on August 7-8 and will be co-chaired by Kuwait and Russia, in the presence of representatives from the Kingdom of Saudi Arabia, which is serving as President of OPEC in 2017.
Other Members of the JMMC/JTC will not be attending as they have delegated to the Co-Chairs the responsibility of conducting these meetings and reporting back to the JTC and the JMMC accordingly, the report said.
The report added that this is a technical meeting being held to better understand the difficulties and obstacles faced by some OPEC and non-OPEC participating countries and to assess how conformity levels can be improved with the goal of achieving a faster rebalanced global oil market, for the benefit of producers and consumers alike.