Baku, Azerbaijan, January 22
By Leman Zeynalova – Trend:
OPEC and non-OPEC countries have reached an unprecedented level of compliance of 129 percent with their voluntary production adjustments , said the Joint Ministerial Monitoring Committee (JMMC).
The average monthly compliance level for the first year of the Declaration of Cooperation was remarkable 107 percent, said the JMMC based on the Joint Technical Committee (JTC) Report.
"Conformity levels have increased monthly, from 87 percent in January to the current exceptional level." Once again, the firm determination of the participating countries to rebalance the market has been amply demonstrated, "the committee said.
The JMMC expressed satisfaction with the overall results and urged all participating countries to continue and, as much as possible, intensify their collective and individual efforts, in order to provide stability to the oil market. The JMMC will endeavor to maintain or exceed the full conformity of all participating countries during 2018.
The JMMC noted with satisfaction that the market had responded positively to the concerted actions of the participating countries, for the benefit of producers, consumers and the world economy market alike. Recent data confirmed that the growth in world oil demand will continue on a positive trajectory in 2018, driven by the good performance of the world economy.
The next JMMC meeting is scheduled for April 2018 in Saudi Arabia.
In November 2016, the OPEC summit was held in Vienna, where OPEC members reached an agreement to reduce oil production by 1.2 million barrels per day. In December 2016 there was a meeting of oil producers outside of OPEC. The meeting ended with the signing of an agreement to reduce oil production by a total of 558,000 barrels per day from January 2017.
OPEC and its partners decided to extend their production cuts until the end of 2018 in Vienna On November 30, as the oil cartel and its allies intensify their attempt to put an end to a three-year oversupply that has devastated oil prices and the global energy industry.
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