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2018-05-30 13:50:00

OPEC: CONFORMITY LEVEL 152%

OPEC: CONFORMITY LEVEL 152%

OPEC - The 24 OPEC and non-OPEC producing countries participating in the voluntary production adjustments continue to maintain outstanding levels of conformity to the terms of the historic 'Declaration of Cooperation' of December 2016, according to the Joint Ministerial Monitoring Committee (JMMC).

The JMMC reported that participating countries have achieved a conformity level of 152% during the fourth month of the second year of the Declaration of Cooperation. This demonstrates the commitment of participating countries to the restoration of market stability, which is intended to serve the long term interests of producers, consumers and the global economy.

The JMMC acknowledged the rising concerns expressed by some importing and consuming countries regarding potential shortages in the global oil market and requested the JTC, supported by the OPEC Secretariat to continue to closely monitor the oil market and to report any fundamental changes. The JMMC Committee reaffirmed participating countries' commitment to the stability of the market and energy security of the global economy.

Furthermore, the JMMC reviewed the JTC's discussion regarding alternative and/or adjusted metrics to measure the impact of the Declaration of Cooperation and concluded that measuring market stability through a single metric is not sufficient and therefore a more comprehensive set of metrics is required.

Committee members expressed satisfaction with overall results, but noted that individual country performance was not uniform. They once again highlighted the importance of even performance across all countries.

The JMMC was established following OPEC's 171st Ministerial Conference Decision of 30 November 2016, and the subsequent 'Declaration of Cooperation' made at the joint OPEC/non-OPEC Producing Countries' Ministerial Meeting held on 10 December 2016. Through the Declaration, 11 (now 10) non-OPEC oil producing countries and OPEC's 13 (now 14) Member Countries decided on voluntary production adjustments of around 1.8 million barrels per day as part of efforts to accelerate the stabilization of the global oil market.

The 9th Meeting of the JMMC will take place in Vienna on 21 June 2018.

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Earlier:

 RUSSIA WOULD LIKE TO LIFT
2018, May, 28, 11:30:00

RUSSIA WOULD LIKE TO LIFT

PLATTS - Novak also confirmed that Russia would like to lift production ceilings under the OPEC-led output cut deal in which Russia agreed to gradually cut 300,000 b/d. The deal, in place since January 2017, has 24 OPEC and non-OPEC countries jointly cutting a combined 1.8 million b/d.

 OPEC - RUSSIA CONSULTATIONS
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PLATTS - "At end of the day as important as Russia and Saudi Arabia are in terms of the largest countries, we have to be sensitive to views of all countries and will be consulting with all of them," Falih told a key energy session at the St Petersburg International Economic Forum.

 ADEQUATE OIL SUPPLIES
2018, May, 21, 11:05:00

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REUTERS - Saudi Arabia said on Friday it is consulting other oil producers in and outside OPEC to ensure the world has adequate supplies to support economic growth after prices hit $80 a barrel for the first time since 2014.

 ADEQUATE OIL SUPPLIES
2018, May, 21, 11:05:00

ADEQUATE OIL SUPPLIES

REUTERS - Saudi Arabia said on Friday it is consulting other oil producers in and outside OPEC to ensure the world has adequate supplies to support economic growth after prices hit $80 a barrel for the first time since 2014.

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2018, May, 10, 13:10:00

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PLATTS - Saudi Arabia's energy minister Khalid al-Falih said Wednesday that the country would work closely with OPEC as well as non-OPEC producers to mitigate the impact of any shortages that might arise following the US' decision to withdraw from the Iran nuclear deal.

 RUSSIA - OPEC DIMENSION
2018, April, 18, 13:12:00

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PLATTS - Russia is committed to its OPEC pact with Saudi Arabia and will continue supplying Europe energy despite tensions with the West after US-led strikes on Bashar al-Assad's Syrian regime, said Vladimir Putin's spokesman.

 OPEC - RUSSIA COOPERATION TO 2019
2018, April, 13, 18:05:00

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REUTERS - “There is growing confidence that the declaration of cooperation will be extended beyond 2018,” Barkindo told. “Russia will continue to play a leading role.”

Tags: OPEC, RUSSIA, OIL, PRICE
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