2018-10-29 12:45:00
OPEC: CONFORMITY LEVEL 111%
OPEC - The Joint Ministerial Monitoring Committee (JMMC) reviewed the monthly report prepared by its Joint Technical Committee (JTC), including the overall conformity levels of the countries participating in the 'Declaration of Cooperation', during the month of September 2018, as well as the short-term prospects of the global oil market.
The JMMC noted that countries participating in the 'Declaration of Cooperation' achieved a conformity level of 111% in September 2018, which shows significant progress towards the goal set at the 4th OPEC and non-OPEC Ministerial Meeting of 23 June 2018.
The Committee expressed overall satisfaction with the collective performance of Member Countries in the month of September. The Committee also reviewed recent market fundamentals, which showed a very comfortable supply level relative to demand. The committee however expressed concerns about rising inventories in recent weeks and also noted looming macro economic uncertainties which may require changing course.
The JMMC directed the JTC to continue to monitor oil fundamentals and market conditions as well as conformity levels in its efforts to maintain market balance. It further directed the JTC to continue to study the 2019 outlook and present options on 2019 production levels to prevent reemergence of a market imbalance.
The next meeting of the JMMC is scheduled to take place on 11 November 2018 in Abu Dhabi, UAE.
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Earlier:
2018, October, 12, 11:30:00
OPEC: OIL DEMAND UP BY 1.54 MBDOPEC - In 2018, world oil demand growth is estimated at 1.54 mb/d, following a downward revision of around 80 tb/d from the previous month’s assessment, mainly to reflect the most up-to-date data in OECD Europe and the Middle East, as well as the latest developments in the economies of in Latin America. |
2018, September, 26, 09:35:00
OPEC: GLOBAL ENERGY DEMAND WILL UP BY 33%OPEC - Total primary energy demand is expected to increase by 91 mboe/d between 2015 and 2040 to reach 365 mboe/d in 2040 |
2018, September, 24, 15:30:00
BALANCED OIL MARKETOPEC - The JMMC noted that, despite growing uncertainties surrounding market fundamentals, including the economy, demand and supply, the participating producing countries of the DoC continue to seek a balanced and sustainably stable global oil market, serving the interests of consumers, producers, the industry and the global economy at large. The Committee also expressed its satisfaction regarding the current oil market outlook, with an overall healthy balance between supply and demand. |
2018, September, 21, 10:20:00
WORLD OIL DEMAND: 100.23 MBDOPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d. |
2018, September, 7, 12:53:00
OPEC'S OIL PRODUCTION: 32.89 MBDPLATTS - OPEC's crude oil production in August, not including newest member Congo, rose to a 10-month high, with Iraq surging to record output and Libya recovering from militia fighting, more than offsetting Iran's slide as the sanctions-hit country struggles to keep its customers, according to the latest S&P Global Platts survey. |
2018, September, 3, 15:20:00
OIL CONFORMITY LEVEL: 109%OPEC - The JMMC noted that countries participating in the “Declaration of Cooperation” have achieved a conformity level of 109% in July 2018, which shows significant progress towards the goal set at the 4th OPEC and Non-OPEC Ministerial Meeting of 23 June 2018, which followed and endorsed decisions taken at the 174th Meeting of the OPEC Conference convened on 22 June 2018. |
2018, August, 15, 11:05:00
OIL DEMAND - 2019: 100 MBDOPEC - In 2018, oil demand growth is anticipated to increase by 1.64 mb/d, 20 tb/d lower than last month’s projections, mainly due to weaker-than-expected oil demand data from Latin America and the Middle East in 2Q18. Total oil demand is anticipated to reach 98.83 mb/d. For 2019, world oil demand is forecast to grow by 1.43 mb/d, also some 20 tb/d lower than last month’s assessment. Total world consumption is anticipated to reach 100.26 mb/d. The OECD region will contribute positively to oil demand growth, rising by 0.27 mb/d y-oy, yet with growth of 1.16 mb/d, non-OECD nations will account for the majority of growth expected. |
