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VIENNA / WAM
The OPEC and non-OPEC producing countries’ Joint Ministerial Monitoring Committee (JMMC) stated that based on the report of its Joint Technical Committee (JTC) for the month of September 2017, OPEC and participating Non-OPEC producing countries have achieved a record high conformity level with the voluntary production adjustments, reaching 120 percent.
“In September 2017, OPEC and participating non-OPEC producing countries achieved an excellent conformity level of 120 percent, the highest level since the Declaration of Cooperation. This again underscores the resolute commitment of participating producing countries to cooperate towards the rebalancing of the market,†the JMMC said on Saturday.
The JMMC noted that while some participating producing countries have consistently performed beyond their voluntary production adjustments, others are yet to achieve 100% conformity.
Commercial oil stocks in the Organisation for Economic Co-operation and Development (OECD) fell further in September and the difference to the latest five-year average has been reduced by 178 million barrels since the beginning of this year, however, there remains another 159 million barrels of stock overhang to be depleted.
The next JMMC Meeting is scheduled to be held in Vienna, on November 29.