Opec+ nations hit 109pc conformity level in July
VIENNA, September 1, 2018
Opec and Non-Opec countries participating in the "Declaration of Cooperation" have achieved a conformity level of 109 per cent in July, said the Joint Ministerial Monitoring Committee (JMMC) following a meeting to review the monthly report prepared by its Joint Technical Committee (JTC).
The meeting also discussed overall conformity levels of countries participating in the "Declaration of Cooperation" during the month of July 2018, as well as the short-term prospects of the global oil markets.
The JMMC noted that the conformity level in July 2018 shows significant progress towards the goal set at the 4th Opec and Non-Opec Ministerial Meeting of June 23, which followed and endorsed decisions taken at the 174th Meeting of the Opec Conference convened in June.
The committee expressed overall satisfaction with the collective performance of member countries in July, stated the Opec report.
The next meeting of the JMMC is scheduled to take place in Algiers on September 23, during which the panel will review the plan for monitoring overall market fundamentals and conformity levels for the remainder of 2018, as well as the framework of cooperation to be established in 2019 and beyond.-TradeArabia News Service
