OPEC, non-OPEC countries hit 109 % conformity level

, , ,

(Vienna) – OPEC and Non-OPEC countries participating in the “Declaration of Cooperation” have achieved a conformity level of 109 percent in July 2018, said the Joint Ministerial Monitoring Committee (JMMC) following a meeting to review the monthly report prepared by its Joint Technical Committee (JTC).

The meeting also discussed overall conformity levels of countries participating in the “Declaration of Cooperation” during the month of July 2018, as well as the short-term prospects of the global oil markets.

The JMMC noted that the conformity level of in July 2018 shows significant progress towards the goal set at the 4th OPEC and Non-OPEC Ministerial Meeting of 23rd June 2018, which followed and endorsed decisions taken at the 174th Meeting of the OPEC Conference convened on 22 June 2018.

The Committee expressed overall satisfaction with the collective performance of member countries in the month of July 2018. The Committee also expressed its satisfaction with recent market fundamentals showing good balance between supply and demand considering seasonal factors.

The next meeting of the JMMC is scheduled to take place in Algiers on 23rd September 2018, during which the JMMC will review the plan for monitoring overall market fundamentals and conformity levels for the remainder of 2018, as well as the framework of cooperation to be established in 2019 and beyond.