The Organization of the Petroleum Exporting Countries (OPEC) and participating non-OPEC producing countries achieved the highest conformity level of 122 percent in November, OPEC announced on late Thursday.
According to the statement, the Joint OPEC and Non-OPEC Ministerial Monitoring Committee (JMMC) declared that member and participating countries showed the highest level of conformity with their respective voluntary adjustments in production.
The JMMC expressing much satisfaction with the results and the sustained high level of conformity, encouraged all participating countries to continue to achieve full conformity for the benefit of producers and consumers alike, the statement read.
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 Firdevs Yuksel