OPEC's JMMC 'satisfied' with output

Friday, 18. January 2019 10:27

The Joint Ministerial Monitoring Committee (JMMC) stated on Friday that they are "utmost" satisfied with the achievements of the running Declaration of Cooperation, noting that countries participating in that agreement have reached overall conformity level of 98% last November. The aforementioned declaration is signed between Organization of the Petroleum Exporting Countries (OPEC) and participating non-OPEC oil-producing states and is aimed at a voluntary reduction in the production of crude oil.

In a written statement, JMMC noted that the overall conformity level since the signing of Declaration in January 2017 has been 116%. It also confirmed the previously reached voluntary production adjustments, effective as of January 1, 2019, will be active for the initial period of six months. Next meeting of the joint OPEC-non-OPEC committee will take place in Baku, Azerbaijan on March 18.

West Texas Intermediate crude for March increased by 0.53% at 10:14 am CET to trade at $52.68 per barrel. Meanwhile, Brent rose 0.49% at 10.15 am CET to change hands for $61.53 per barrel.

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Breaking the News / MA