Throughout 2018, the JMMC
will focus on striving to maintain or exceed full conformity by all participating countries.
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.
reports that, as of February, OPEC and participating non-OPEC countries achieved a compliance level of 94 per cent, an increase of eight ppt over January.
This high conformity level has been validated by a diverse range of reporting agencies and media outlets,'' the JMMC
said in a statement.
The monthly average conformity level for the first year of the Declaration of Cooperation was a remarkable 107 percent, said the JMMC
based on the Report of the Joint Technical Committee (JTC).
Rumhi, Minister of Oil and Gas and representatives of the JMMC
The UAE, Iraq, Kazakhstan, and Malaysia all expressed their full support for the existing monitoring mechanism and their willingness to fully cooperate with the JTC and JMMC
(Joint Opec-Non-Opec Ministerial Monitoring Committee) in the months ahead in order to achieve the goal of reaching full conformity.
Riyami said, 'This meeting is an important one as it will be the first JMMC
of 2018, paving the way for further cooperation between OPEC members and participating non-OPEC nations into 2018.
of 2018, paving the road of further cooperation between
A Saudi energy minister who had a strict approach toward low-performing members of the deal during the JMMC
meeting in Russia said that he would lose credibility in the market because of the inability of OPEC+ to deliver its goal.
The Joint Opec-Non-Opec Ministerial Monitoring Committee, JMMC
, welcomed the participation of the UAE at the recent JTC meeting, where the UAE reiterated its commitment to adhere to its production adjustments for the remaining period of the Declaration of Cooperation," said JMMC
in a press release.
Issam Almarzooq, Kuwait's Minister of Oil and Chairman of the JMMC
, said that the implementation of voluntary adjustments in production "played their part in contributing to an absolute reduction in the overhang of OECD commercial stocks of 90 million barrels so far this year.