reiterated the critical value of commitment to maintain market stability at times of uncertainties, said a Wam news agency report.
This high level of overall conformity has offset uncertainty in the market due to ongoing economic growth worries, the JMMC
noted after reviewing the monthly report prepared by its Joint Technical Committee, JTC, and recent developments in the global oil market, as well as near-term prospects in 2019 and 2020.
noted the overall conformity of 159 percent in July 2019 was 22 percentage points higher than in June 2019, and the average conformity of 134 percent since January 2019 was the highest to date in 2019.
requested that the Joint Technical Committee and the Opec Secretariat continue to monitor and analyze oil market developments and, particularly, oil inventory projections in the coming weeks with a view to the next JMMC
meeting making a recommendation to the Opec Conference and Opec and non-Opec Ministerial Meeting, which are scheduled to meet in June 2019, regarding appropriate actions on the part of participating countries for the second half of 2019," Opec statement added.
Saudi Arabia and Russia acting as the chair and the co-chair of JMMC
will keep their status.
"I was present in the meeting and witnessed how the Iranian Minister of Petroleum and his accompanying delegation defended the rights of the Iranian nation," the MP, who accompanied the Iranian delegation to JMMC
in Vienna on Friday, said.
La rUu[c]union du JMMC
est aussi l'occasion de la prUu[c]sentation d'un document de l'Opep portant sur les perspectives mondiales de pUu[c]trole Uu l'horizon 2040 (OPECae1/4aos World Oil Outlook 2040, WOO 2040).
meeting also raised prospects for extension of cooperation between the OPEC and non-OPEC members beyond 2018.
Rumhi, Minister of Oil and Gas and representatives of the JMMC
Speaking at the pre-OPEC 7th Joint Ministerial Monitoring Committee (JMMC
) meeting press conference, Ali Al Riyami, director general of marketing at MOG, explained that oil prices are expected to remain above $60, if the participating countries abide by the cuts, so it is premature to talk about exit strategies.
They will look into a report of the Joint OPEC-Non-OPEC Technical Committee (JTC), a technical sub-committee of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC
), on the compliance of OPEC and non-OPEC members with output cut levels for June 2017, Essam Al-Marzouq told the Kuwait News Agency (KUNA).