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Tuesday, 19 March 2019 11:00

OPEC+: Overall conformity reached almost 90%

OPEC+: Overall conformity reached almost 90%

The Joint Ministerial Monitoring Committee (JMMC) convened in Baku, the Republic of Azerbaijan, for its thirteenth meeting on 18 March 2019. The Committee reviewed the monthly report prepared by its Joint Technical Committee (JTC) and recent developments in the global oil market, as well as immediate prospects for the remainder of 2019, Caspian Energy News (www.caspianenergy.net) reports with reference to the press statement of OPEC.

The JMMC reiterated the critical role that the “Declaration of Cooperation” has played in supporting oil market stability since December 2016 and took note of the expressed commitment of all participating countries to ensure that such stability continues on a sustainable basis, as overall conformity reached almost 90% for the month of February 2019, which is up from 83% in the month of January.

All participating countries present at the meeting, individually and collectively, assured the Committee that they will exceed their voluntary production adjustments over the coming months.

In consideration that market fundamentals are unlikely to materially change in the next two months, the JMMC adopted a recommendation to forego the full Ministerial Meeting in April and instead schedule a JMMC meeting in May ahead of the OPEC Conference meeting on 25 June, during which a decision will be taken on the production target for the second half of 2019.

The JMMC also endorsed the adjustments of the baselines of three countries, Brunei Darussalam, Ecuador and Malaysia.

The JMMC also welcomed Iraq, Kazakhstan, Nigeria and the UAE as new members of the Committee.

The JTC will continue its monthly meetings and the next meeting of the JMMC is scheduled to take place in May 2019, in Jeddah, the Kingdom of Saudi Arabia.

More details: https://www.opec.org/opec_web/en/press_room/5434.htm

Person in charge of the newsline: Olga Nagiyeva 

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