BALANCED OIL MARKET
OPEC - The Joint OPEC-non-OPEC Ministerial Monitoring Committee (JMMC) convened in Algiers, Algeria for its tenth meeting, on 23 September 2018. The Committee reviewed the monthly report prepared by its Joint Technical Committee (JTC) and the short-term developments in the global oil market, including prospects for 2019.
The meeting coincided with the commemoration of the 2nd Anniversary of the 170th Extraordinary OPEC Conference, which culminated in the DoC in December of 2016. The meeting was attended by 20 participating producing countries of the DoC, demonstrating their commitment to sustainable oil market stability.
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.
Additionally, the JMMC noted that countries participating in the DoC have achieved a conformity level of 129% in August 2018, and 109% in July 2018, which shows reasonable progress towards the decisions of the 174th Meeting of the OPEC Conference convened on 22 June 2018 and the subsequent 4th OPEC and Non-OPEC Ministerial Meeting of 23 June 2018 to adjust overall conformity to 100%.
The Committee expressed overall satisfaction with the performance of participating countries since the JMMC Ministerial Meetings in Vienna and noted the efforts made to achieve an overall conformity adjusted to 100%, and noted that the rate of inventory drawdowns has been reversed as a result. The Committee urged countries with spare capacity to work with customers to meet their demand during the remaining month of 2018.
The JMMC directed the JTC to continue to monitor the oil market conditions and conformity levels in its efforts to achieve 100% conformity in 2018. Furthermore the JTC was directed to study the 2019 outlook and present options on 2019 production levels to prevent market imbalance.
The JMMC paid special tribute to HE Abdelaziz Bouteflika, President of the Republic of Algeria in recognition of Algeria's unwavering support and leading contribution to the landmark DoC and extended its sincere thanks to HE Ahmed Ouyahia, Prime Minister of Algeria and HE Mustapha Guitouni, Minister of Energy of Algeria for the gracious hospitality, as well as to all involved from Algeria for the excellent arrangements for the meeting.
The next meeting of the JMMC is scheduled to take place on 11 November 2018 in Abu Dhabi, UAE.
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