The Organization of the Petroleum Exporting Countries (OPEC) and participating non-OPEC countries achieved the highest conformity level of 129 percent in December, OPEC announced on Sunday.
According to the statement, the Joint OPEC and Non-OPEC Ministerial Monitoring Committee (JMMC) expressed satisfaction with the overall results and urged all participating countries to continue and, to the extent possible, intensify their collective and individual efforts, in the interests of bringing stability to the oil market.
The compliance with the global oil production cut agreement by OPEC and non-OPEC countries achieved a record-breaking level of 129 percent in December and averaged 107 percent for the whole of last year.
The OPEC said that the JMMC's next meeting will be held in April in Saudi Arabia.
'The JMMC will strive to maintain or exceed full conformity by all participating countries, throughout 2018,' said the organization and added that 'Recent data confirmed that global oil demand growth will continue on a positive trajectory in 2018, buoyed by the strong performance of the global economy.'
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 at OPEC’s 171st ministerial conference on Nov. 30, 2016.
By Murat Temizer