Opec and Non-Opec countries are on target towards full conformity with their adjustments in oil production, according to the Joint Opec-Non-Opec Ministerial Monitoring Committee (JMMC).

''Opec and Non-Opec producers achieved a conformity level of 86 per cent,'' Emirates official news agency Wam reported, citing the Joint Opec-Non-Opec Technical Committee (JTC).

The JTC, a technical sub-committee of the JMMC, held its inauguration at the Opec Secretariat in Vienna, where it discussed issues related to the conformity of production levels set during Opec’s 171st Ministerial Conference Decision and voluntary adjustments in line with the Declaration of Co-operation.

The JTC reviewed presentations by the Opec Secretariat on current market developments and discussed various technical issues on reporting and conformity.

The JMMC expressed its satisfaction with the progress made towards full conformity in the production adjustments and noted that there is still room for improvement to reach 100 percent conformity. It also urged all parties to press on towards full and timely conformity.

The second meeting of the JTC is scheduled to take place in Vienna on March 2017, followed by the next JMMC meeting in Kuwait on March 25 and 26.