Record conformity for oil output deal

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Record conformity for oil output deal

Jan 22, 2018 8:25 AM

Opec and participating non-Opec countries have achieved a record conformity level of 129 per cent with their voluntary production adjustments announced the Opec/Non-Opec Joint Ministerial Monitoring Committee...

Opec and participating non-Opec countries have achieved a record conformity level of 129 per cent with their voluntary production adjustments, announced the Opec/Non-Opec Joint Ministerial Monitoring Committee (JMMC) following its seventh meeting in Muscat.

The JMMC will strive to maintain or exceed full conformity by all participating countries, throughout 2018, it said according to a Wam news agency report.

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.

It announced that, based on the report of the Joint Technical Committee (JTC) for the month of December 2017, following continuous months of excellent performances, the monthly average conformity level for the first year of the Declaration of Cooperation was a remarkable 107 percent, said the Wam report.

''Across a broad range of indicators, the first year of the Declaration of Cooperation has been a great success. In December 2017, Opec and participating non-Opec producing countries achieved an excellent conformity level of 129 percent, the highest since the start of the Declaration of Cooperation. This high conformity level has been validated by a diverse range of reporting agencies and media outlets,'' the JMMC said in a statement.

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, the report said.

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 next JMMC Meeting is scheduled to be held in April 2018 in Saudi Arabia.

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