Opec and participating non-Opec producing countries have started 2018 with an outstanding conformity level in their voluntary production adjustments, reaching over 130 per cent, said a report.

The conformity level for December 2017 was 129 per cent. The monthly average conformity level for the first year of the Declaration of Cooperation was a remarkable 107 per cent, reported state news agency Wam, citing the Opec-Non-Opec Joint Ministerial Monitoring Committee (JMMC).

The JMMC’s Joint Technical Committee has reported that participating countries have in the month of January 2018, once again, broken their conformity record, achieving a level of 133 per cent.

''This solid performance during the first month of the second year of the Declaration of Cooperation continues a remarkable upward trend seen throughout 2017, and demonstrates the commitment of participating countries to the restoration of market stability, in the interests of producers, consumers and the global economy,'' the committee said in a statement on Thursday.

It expressed satisfaction with the overall results, but noted the recent market volatility, stressing the importance of vigilance and the need to avoid complacency.

The JMMC also noted that performance was not uniform and that conformity was boosted by several over-performing countries, and therefore urged all participating countries to continue and, to the extent possible, intensify their collective and individual efforts, in order to expedite the rebalancing of the oil market.

Throughout 2018, the JMMC will focus on striving to maintain or exceed full conformity by all participating countries.

At the joint JMCC meeting held in December 2016 at which 11 (now 10) non-OPEC oil producing countries cooperated with the 13 (now 14) Opec member countries in a concerted effort to accelerate the stabilisation of the global oil market through voluntary production adjustments of around 1.8 million barrels per day, it added.