The Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) noted an overall conformity level to the oil cut pact of 159% in July, marking a month-on-month 22% rise and surpassing the highest average conformity of 134% for 2019 reported in January, the Organization of the Petroleum Exporting Countries (OPEC) said in a statement on Tuesday.

According to the statement, the high overall conformity level has offset market uncertainty from ongoing economic growth worries.

"The Declaration of Cooperation is supporting oil market stability, which along with ongoing healthy oil demand so far has arrested global oil inventories growth and should lead to significant draws in the second half of the year," OPEC underlined.

The JMMC also noted that, going forward, the forecast for oil market fundamentals by major forecasters remains robust in 2019 and 2020.

The JMMC urges all participating countries in the Declaration of Cooperation to continue striving to achieve "full and timely conformity with voluntary production adjustments based on the decisions of the 176th Meeting of the OPEC Conference, July 1, 2019, and the 6th OPEC and non-OPEC Ministerial Meeting on July 2, 2019."

By Gulsen Cagatay

Anadolu Agency

energy@aa.com.tr