News
The Joint OPEC-Non-OPEC
Ministerial Monitoring Committee (JMMC) says the historic oil cut deal reached
in November/December 2016 has attained a 98 percent compliance level.
JMMC said based on the
report of the Joint OPEC-Non-OPEC Technical Committee (JTC) for the month of
March, OPEC and Non-OPEC countries have continued their high level of
conformity with their voluntary 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
ministerial meeting held on 10 December 2016.
The 11 non-OPEC oil
producing countries cooperated with OPEC member countries in a concerted effort
to accelerate the stabilization of the global oil market through voluntary
adjustments in combined production of around 1.8 million barrels per day.
The resulting Declaration,
which came into effect on January 1, 2017, is for six months and is extendable
for an additional six months, depending on the status of supply and demand,
including global inventories.
The JMMC expressed its
satisfaction with the progress made towards full conformity with the voluntary
production adjustments and encouraged all participating countries to press on
towards 100 per cent conformity.
“As at March 2017, the
OPEC and participating non-OPEC countries achieved a conformity level of 98
per cent, an increase of 4 percentage points over the February 2017
performance. This demonstrates the significant willingness of all participating
countries to continue their cooperation,” OPEC said.
The next JMMC meeting to
be held in Vienna on 24 May 2017, which will be followed by the joint
OPEC/non-OPEC conference during which the decision on extending the period of
the production management will be taken.
Credit: www.shipsandports.com.ng
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