(MENAFN- Saudi Press Agency)
Vienna, Rabi'II 4, 1439, Dec 22, 2017, SPA -- The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) announced here on Thursday that, based on the Report of Joint OPEC-Non-OPEC Technical Committee (JTC) for the Month of November 2017, OPEC member states and participating Non-OPEC producing countries have shown highest level of conformity with their respective adjustments in production, according to the Emirates' official news agency WAM.
JMMC was established following OPEC's 171st Ministerial Conference resolution on 30 November 2016, and the subsequent Declaration of Cooperation made at the joint OPEC-Non-OPEC's Ministerial Meeting held on 10 December 2016, at which 11 (now 10) non-OPEC oil producing countries stroke a deal with the 13 (now 14) OPEC member states, in an effort to accelerate stabilization of global oil markets, through voluntary adjustments in total oil production of around 1.8 million barrels per day.
The resulting framework, effected on 1 January 2017, was for six months.
2nd joint OPEC-Non-OPEC Producing Countries' Ministerial Meeting, held on 25 May 2017, decided to extend the voluntary production adjustments for another nine months, commencing 1 July 2017.
During its 3rd meeting, held here on 30 November 2017, the joint OPEC-Non-OPEC Producing Countries' Ministers agreed to amend the Declaration of Cooperation, to scale forward the commitment time span to the entirety of 2018.
As of November 2017, the OPEC and participating non-OPEC producing countries achieved an impressive highest conformity level of about 122 per cent, following the pattern of high performances, in the past months.
This, coupled with the aforementioned amendment of the Declaration of Cooperation, is an unequivocal demonstration of the steadfast commitment of participating countries to continue working towards achievement of the goal of rebalancing the market and putting it on a sustainable stable footing.
JMMC expressed great satisfaction with ensuing results and sustained level of high conformity with the voluntary production adjustments and encouraged all participating countries to further keeping their full conformity achievement for the benefit of producers as well as consumers.
-- SPA
17:51 LOCAL TIME 14:51 GMT
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