OPEC and non-OPEC producers have achieved a conformity level of 86 percent and are on the on the right track towards full conformity with their adjustments in production, the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) reported today, the Organisation of the Petroleum Exporting Countries (OPEC) said today.
"There is still room for improvement to reach 100 per cent conformity, the JMMC noted, and urged all parties to press on towards full and timely conformity," OPEC said in a statement on its website.
OPEC and other producers outside the group agreed on 30th November 2016 to cut output by about 1.8 million barrels per day (bpd) in an effort to drain a glut that has depressed prices for over two years.
The JTC, a technical sub-committee of the JMMC, held its inaugural meeting on 22nd February 2017 at the OPEC Secretariat in Vienna at which it discussed issues related to the conformity with the production levels as set out in the November 2016 OPEC’s 171st Ministerial Conference decision and the voluntary adjustments in line with the Declaration of Cooperation made at the joint OPEC-non-OPEC ministerial meeting held on 10th December 2016.
The second Meeting of the JTC is scheduled to take place in Vienna in March 2017, which will be followed by the next JMMC meeting, to be held in Kuwait from 25th-26th March 2017, OEPC said.