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2019-01-21 11:50:00

OPEC CONFORMITY LEVEL 98%

OPEC CONFORMITY LEVEL 98%

OPEC - The Joint Ministerial Monitoring Committee (JMMC) has expressed its utmost satisfaction with the steady and robust achievements of the two-year old 'Declaration of Cooperation' between OPEC and participating non-OPEC oil producing countries.

The JMMC noted that countries participating in the 'Declaration of Cooperation' achieved an overall conformity level in November 2018 of slightly below 100%, hitting 98% for the month.

It is evident that significant progress has been made towards the goal set at the 4th OPEC and non-OPEC Ministerial Meeting of 23 June 2018, whereby countries agreed to strive to adhere to the overall conformity level, voluntarily adjusted to 100%, as of 1 July 2018 for the remaining duration of 2018.

The overall conformity level since the beginning of the 'Declaration of Cooperation' in January 2017 is well above 100%, coming in at 116%.

The Committee confirmed the attached new voluntary production adjustments effective as of 1st of January 2019 for an initial period of six months, based on the unanimous decisions taken at the 175th Meeting of the OPEC Conference and the 5th OPEC and non-OPEC Ministerial Meeting on 7 December 2018.

 These voluntary production adjustments will continue to be monitored by the JMMC on a monthly basis, ably supported by the Joint Technical Committee and the OPEC Secretariat, in an open and transparent manner.

The JMMC calls on all participating countries of the 'Declaration of Cooperation' to redouble their efforts in the full and timely implementation of the supply adjustments to ensure that the oil market remains in balance in 2019.

The thirteenth Meeting of the JMMC will take place in Baku, Azerbaijan on 18 March 2019.

 

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Earlier:

 OPEC PRODUCTION DOWN 751 TBD
2019, January, 18, 10:45:00

OPEC PRODUCTION DOWN 751 TBD

REUTERS - The Organization of the Petroleum Exporting Countries said in a monthly report that its oil output fell by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in almost two years.

 

 OPEC WILL DOWN 800 TBD
2019, January, 16, 11:05:00

OPEC WILL DOWN 800 TBD

SHANA - the OPEC Conference that unanimously decided on December 7 to adjust OPEC overall production by 0.8 mb/d from October 2018 levels, effective as of January 2019, for an initial period of six months.

 

 

 OPEC-NON-OPEC COUNTRIES COOPERATION
2019, January, 15, 09:58:00

OPEC-NON-OPEC COUNTRIES COOPERATION

 

 

 

 

 

 RUSSIA'S OIL PRODUCTION DOWN 30 TBD
2019, January, 14, 12:10:00

RUSSIA'S OIL PRODUCTION DOWN 30 TBD

PLATTS - Russia has already lowered its oil output by around 30,000 b/d compared with October volumes, used as a baseline under the latest OPEC/non-OPEC crude production agreement, and still plans to reach a cut of 50,000 b/d by the end of January, Russian energy minister Alexander Novak said Friday.

 

 OPEC OIL PRODUCTION DOWN 630 TBD
2019, January, 9, 11:15:00

OPEC OIL PRODUCTION DOWN 630 TBD

PLATTS - OPEC crude production in December tumbled 630,000 b/d month on month, an S&P Global Platts survey of industry officials, analysts and shipping data showed Tuesday, but the organization still has much more cutting to do to reach its new quotas for 2019.

 

 OPEC PRODUCTION DOWN 530 TBD
2019, January, 4, 11:50:00

OPEC PRODUCTION DOWN 530 TBD

AB - oil output from the Organization of Petroleum Exporting Countries fell 530,000 barrels a day to 32.6 million a day last month. It’s the sharpest pullback since January 2017, when the group first embarked on its strategy to clear the glut created by rising supplies of US shale oil.

 

 OPEC: 26 MBBL SURPLUS
2018, December, 26, 07:25:00

OPEC: 26 MBBL SURPLUS

AN - “Based on available figures, we have around 26 million barrels of surplus ... compared to 340 million barrels in early 2017,” Al-Mazrouei told a press conference in Kuwait City.

 

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Chronicle:

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