The Joint OPEC-Non-OPEC Ministerial Monitoring Committee’s (JMMC) report has asserted that the oil market is showing positive result towards the goal of rebalancing
This statement was based on the report of the Joint OPEC-Non-OPEC Technical Committee (JTC) for the month of July 2017, which viewed the development of oil market and the results of the first six months, as mentioned by OPEC’s 171st Ministerial Conference Decision and the subsequent adjustments as per the Declaration of Cooperation.
The committee has reported that in July 2017, the OPEC and participating non-OPEC producing countries achieved an impressive conformity level of 94 per cent.
“This is a demonstration of the commitment of participating producing countries to continue their cooperation towards the rebalancing of the market. The JMMC expressed great satisfaction with the results and steady progress made towards full conformity of the production adjustments, and encouraged all participating countries to achieve full conformity, for the benefit of producers and consumers alike,” said the committee.
The JMMC further added that the UAE has reiterated its commitment to adhere to its production adjustments for the remaining period of the Declaration of Cooperation.
Taking note of the recent oil market development, JMMC has demonstrated that the oil market is moving in the right direction towards the objectives of the Declaration of Cooperation. In 2017, the global oil demand has shown better growth than expected, while for 2018, world oil demand is anticipated to rise further, according to the committee.
The JMMC said that it will continue to monitor other factors in the oil market and their influence on the ongoing market rebalancing process. The committee also expressed its intention to invite Libya and Nigeria to attend the next meetings.
