The OPEC and Non-OPEC Joint Ministerial Monitoring Committee (JMMC), which was held in Abu Dhabi on Sunday, announced a conformity level of 104 percent in October 2018 for countries participating in the Declaration of Cooperation (DoC).
The Committee noted that the dampening of global economic growth prospects, in addition to associated uncertainties, could have repercussions for global oil demand in 2019 – and could lead to widening the gap between supply and demand.
'The Committee reviewed current oil supply and demand fundamentals and noted that 2019 prospects point to higher supply growth than global requirements, taking into account current uncertainties,' according to OPEC.
The next meeting of the JMMC is scheduled to take place on Dec. 5 in Vienna, Austria.
By Gulsen Cagatay
Anadolu Agency
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