Fri 20-04-2018 22:45 PM
JEDDAH, 20th April, 2018 (WAM) -- The Declaration of Cooperation by OPEC-Non-OPEC Producing Countries is still having positive impact on the world oil market thanks to the diligent work and dedication by the 24 participating countries, said Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy and Industry and President of OPEC.
''In March, OPEC and participating non-OPEC countries have achieved a conformity level of 149 percent with their voluntary production adjustments, the highest level so far. OECD commercial stock levels have dropped to 2.83 billion barrels in March,'' Suhail Al Mazrouei stated following the 8th meeting of the OPEC/Non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Jeddah, the Kingdom of Saudi Arabia, on 20 April 2018.
The OPEC President urged participating countries to continue their efforts so as to stabilise and rebalance the world oil markets.
Commenting on the latest record-breaking conformity level, he said,: The work is not over yet and OPEC and its partners will continue to honour their commitments until the market is completely stabilised and rebalanced.''
The JMMC was established following OPEC’s 171st Conference Decision of 30 November 2016, and the subsequent Declaration of Cooperation made at the joint OPEC-Non-OPEC Producing Countries’ Ministerial Meeting held on 10 December 2016 at which 11 (now 10) non-OPEC oil producing countries cooperated with the 13 (now 14) OPEC Member Countries in a concerted effort to accelerate the stabilisation of the global oil market through voluntary adjustments in total production of around 1.8 million barrels per day.