Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producing countries in February set voluntary oil production adjustments, achieving a level of 138 per cent compliance, their Joint Ministerial Monitoring Committee (JMMC) has said.
The JMMC said: “The Declaration of Cooperation continues to have a transformative effect on the global oil industry. Participating countries, working in concerted action, have once again demonstrated their dedication to expediting the rebalancing of the oil market. This has benefitted a broad range of energy stakeholders, including producers and consumers, as well as the world economy.
“February continued the accelerated rebalancing path witnessed in recent months. Organisation of Economic Cooperation and Development (OECD) commercial stocks fell to 2,855 million barrels in February, further reducing the global inventory glut.”
Given the success of the Declaration of Cooperation, the JMMC called on participating countries to consider further opportunities to institutionalize their collaboration.
The Committee stressed that all participating countries should strive to achieve or exceed full conformity with their voluntary production adjustments.
The next meeting of the JMMC will take place in Jeddah, Saudi Arabia, in April 2018.