OPEC, non-OPEC countries hit highest ever conformity level on sustained output cut
Indications have emerged that the level of production cuts observance amongst OPEC and non-OPEC members for the month of March has reached the highest level since the commencement of the agreement.
The OPEC/Non-OPEC Joint Ministerial Monitoring Committee (JMMC) at a meeting in Jeddah, Saudi Arabia, for its eighth meeting, on Friday made the announcement. It announced that, based on the Report of the Joint Technical Committee (JTC) for the month of March 2018, following successive months of record-breaking performances, OPEC and participating non-OPEC countries have achieved a conformity level of 149% with their voluntary production adjustments, the highest level so far. The JMMC was established following OPEC’s 171stConference Decision of 30 November 2016, and the subsequent Declaration of Cooperation made at the joint OPEC-Non-OPEC Producing Countries’ Ministerial Meeting held on 10 December 2016 at which 11 (now 10) non-OPEC oil producing countries cooperated with the 13 (now 14) OPEC Member Countries in a concerted effort to accelerate the stabilization of the global oil market through voluntary adjustments in total production of around 1.8 million barrels per day. The resulting Declaration, which came into effect on 1 January 2017, was for six months.
