The Organization of the Petroleum Exporting Countries (OPEC), and participating non-OPEC countries achieved the highest level of 133 percent in January, the organisation announced on Thursday.
The Joint OPEC and Non-OPEC Ministerial Monitoring Committee (JMMC) declared that member and participating countries started 2018 with an outstanding conformity level with their voluntary adjustments in production, according to the statement.
“Throughout 2018, the JMMC will focus on striving to maintain or exceed full conformity by all participating countries,” the statement read.
The JMMC expressed satisfaction with the overall results and stressed the importance of vigilance and the need to avoid complacency amid the recent market volatility.
“The performance was not uniform and conformity was boosted by several over-performing countries,” said the JMMC, which urged all participating countries to continue intensifying their collective and individual efforts to expedite the rebalancing of the oil market.
“This solid performance during the first month of the second year of the Declaration of Cooperation continues a remarkable upward trend seen throughout 2017,” said the organization and added that it demonstrates the commitment of participating countries to the restoration of market stability, in the interests of producers, consumers and the global economy.
The JMMC’s next meeting will be held in April, in Saudi Arabia.
The first joint OPEC and Non-OPEC Producing Countries’ Ministerial Meeting was held on Dec. 10, 2016 to accelerate the stabilization of the global oil market through adjustments in total oil production of around 1.8 million barrels per day. As a result, member and participating countries decided to adjust oil production from Jan. 1.
At the second joint ministerial meeting, held on May 25, participants decided to prolong the output deal for another nine months starting July 1. Furthermore, at the third meeting on Nov. 30, the countries’ ministers agreed to extend the oil cut pact until 2018.
The JMMC was established based on a decision taken following OPEC’s 171st ministerial conference on Nov. 30, 2016.