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VIENNA / WAM
The Joint Ministerial Monitoring Committee (JMMC) announced that countries participating in the ‘Declaration of Cooperation’ between Opec and participating non-Opec oil producing countries achieved an overall conformity level of 159 percent in July 2019. The ‘Declaration of Cooperation, was reached at the joint Opec-non-Opec Ministerial Meeting of December 10, 2016.
The July conformity was 22 percent higher than that in June 2019, and the average conformity of 134 percent since January 2019 was the highest to date in 2019. This high level of overall conformity has offset uncertainty in the market due to ongoing economic growth worries, the JMMC noted.