OPEC and non-OPEC producing countries have set a new record with their voluntary production adjustments achieving a level of 138 percent, according to the OPEC and Non-OPEC Joint Ministerial Monitoring Committee (JMMC) late on Wednesday.
"The Declaration of Cooperation continues to have a transformative effect on the global oil industry," OPEC said.
According to the statement, the participating countries dedication has benefitted a broad range of energy stakeholders, including producers and consumers, as well as the world economy.
February continued the accelerated rebalancing path witnessed in recent months when OECD commercial stocks fell to 2,855 million barrels.
In addition, the OECD stock overhang is now 44 million barrels above the five-year average.
The Committee stressed that all participating countries should strive to achieve or exceed full conformity with their voluntary production adjustments.
OPEC stated that the next JMMC meeting would take place in Jeddah, Saudi Arabia, in April.
By Gulsen Cagatay