OPEC+ achieves conformity level of 111%
By Trend
OPEC+ has achieved a conformity level of 111% in September 2018, according to the Joint Ministerial Monitoring Committee (JMMC).
The Joint Ministerial Monitoring Committee (JMMC) reviewed the monthly report prepared by its Joint Technical Committee (JTC), including the overall conformity levels of the countries participating in the ‘Declaration of Cooperation’, during the month of September 2018, as well as the short-term prospects of the global oil market, said a message from OPEC.
The JMMC noted that countries participating in the ‘Declaration
of Cooperation’ achieved a conformity level of 111 percent in
September 2018, which shows significant progress towards the goal
set at the 4th OPEC and non-OPEC Ministerial Meeting of 23 June
2018.
The Committee expressed overall satisfaction with the collective
performance of Member Countries in the month of September. The
Committee also reviewed recent market fundamentals, which showed a
very comfortable supply level relative to demand. The committee
however expressed concerns about rising inventories in recent weeks
and also noted looming macro-economic uncertainties which may
require changing course.
The JMMC directed the JTC to continue to monitor oil fundamentals
and market conditions as well as conformity levels in its efforts
to maintain market balance. It further directed the JTC to continue
to study the 2019 outlook and present options on 2019 production
levels to prevent reemergence of a market imbalance.
The next meeting of the JMMC is scheduled to take place on 11
November 2018 in Abu Dhabi, UAE.