JMMC decides to hold monthly meetings regarding oil markets developments

The Joint Ministerial Monitoring Committee (JMMC) held its meeting yesterday, where it reviewed recent market developments, and considered the report provided by the Joint Technical Committee (JTC) regarding the monitoring of the overall conformity levels of participating countries in the Declaration of Cooperation for the month of June 2018. OPEC announced in a press statement, the committee decided to hold monthly meetings in Vienna or Teleconferences to exchange point of views regarding oil markets developments. The JMMC reported that participating countries in the Declaration of Cooperation have achieved a conformity level of 121 percent in June 2018.

The JMMC also considered market conditions for the month of July as well as individual country production levels for this month and was satisfied that overall performance will not deviate from the 100 percent conformity targeted by the decision reached at the fourth OPEC and Non-OPEC Ministerial meeting on June 23.

The committee decided to continue closely monitoring oil market conditions and developments with a view to improve market stability for the benefit of producers, consumers and the global economy at large.

The JMMC was established following OPEC’s 171st Ministerial Conference Decision of 30th of November 2016, and the subsequent Declaration of Cooperation made at the joint OPEC/ and participating Non-OPEC Producing Countries’ Ministerial Meeting held on the 10th of December 2016. The next teleconference Meeting of the JMMC will take place on August 20 following the Meeting of the JTC the same day.

Source: Kuwait News Agency