OPEC reports highest level of conformity
Vena. As of November 2017, the OPEC and participating non-OPEC producing countries achieved an impressive highest conformity level of 122 percent, said the the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC).
The report of the Joint OPEC-Non-OPEC Technical Committee showed that for November 2017, OPEC and participating non-OPEC producing countries have shown highest level of conformity with their respective adjustments in production.
The JMMC was established following OPEC’s 171st Ministerial Conference Decision of November 30, 2016, and the subsequent Declaration of Cooperation made at the joint OPEC-non-OPEC producing countries’ ministerial meeting held on December 10, 2016 at which 11 (now 10) non-OPEC oil producing countries cooperated with the 13 (now 14) OPEC member countries in an effort to accelerate the stabilization of the global oil market through voluntary adjustments in total oil production of around 1.8 million barrels per day.
The resulting framework, which came into effect on January 1, 2017, was for six months. The second joint OPEC-non-OPEC producing countries’ ministerial meeting, held on May 25, 2017, decided to extend the voluntary production adjustments for another nine months commencing July 1, 2017. During its third meeting held in Vienna on November 30, 2017, the joint OPEC-non-OPEC producing countries’ ministers agreed to amend the Declaration of Cooperation so that it will last the entirety of 2018, inform Trend.