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VIENNA / WAM
OPEC and Non-OPEC countries are on target towards full conformity with their adjustments in oil production, revealed the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC), according to a report by the Joint OPEC-Non-OPEC Technical Committee (JTC).
‘‘OPEC and Non-OPEC producers achieved a conformity level of 86 percent,’’ the JTC said.
The JTC, a technical sub-committee of the JMMC, held its inauguration at the OPEC Secretariat in Vienna, where it discussed issues related to the conformity of production levels set during OPEC’s 171st Ministerial Conference
Decision and voluntary adjustments in line with the Declaration of Co-operation.
The JTC reviewed presentations by the OPEC Secretariat on current market developments and discussed various technical issues on reporting and conformity. The JMMC expressed its satisfaction with the progress made towards full conformity in the production adjustments and noted that there is still room for improvement to reach 100 percent conformity.