Vienna, OPEC and Non-OPEC countries committed to the "Declaration of Cooperation" to bring about stable world oil market, have achieved a conformity level of 109 percent, in July 2018, according to the Joint Ministerial Monitoring Committee (JMMC), following a meeting held here today to review a monthly report prepared by its Joint Technical Committee (JTC), Emirates official news agency WAM reported.
During the meeting, JMMC discussed overall conformity levels of countries adherent to the "Declaration of Cooperation" as well as the short-term prospects of the global oil market.
The watchdog noted that the conformity level of in July 2018 has shown significant progress towards the goal set at the 4th OPEC and Non-OPEC Ministerial Meeting held on the 23rd of June 2018, which endorsed decisions taken, at the 174th Meeting of the OPEC Conference convened on 22 June 2018.
JMMC expressed overall satisfaction with the collective performance of member states, in the month of July 2018. It also expressed satisfaction with recent market fundamentals showing a better equilibrium between supply side and demand side, in the light of seasonal factors' impact.
Source: Saudi Press Agency