ALGIERS, 23rd September, 2018 (WAM) -- The compliance of the Organisation of the Petroleum Exporting Countries (OPEC) and non-cartel producers with the Vienna oil output deal reached 129 percent in August, the Joint OPEC-non-OPEC Ministerial Monitoring Committee (JMMC) announced following its tenth meeting in Algiers, Algeria, on Sunday.
"Today, our industry is in a much healthier place than when the historic Algiers Meeting took place on 28 September 2016. Fundamentals are strong and we have seen a return of a greater degree of balance to the market. OPEC and its non-OPEC partners have demonstrated what can be achieved when working together. I’d like to commend all participating countries for their historic efforts in this regard," said President of the OPEC Conference, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, in his opening remarks of the meeting here today.
Addressing the meeting, Chairman of the JMMC Khalid A. Al-Falih, Saudi Arabia's Minister of Energy, Industry and Mineral Resources, said OPEC and non-OPEC have continued to work well together over the past period, affirming that the current market situation is satisfactory.
"Despite a complex and challenging environment over the past several months, which has been shaped by the confluence of a wide range of market and non-market factors, I’m delighted that our partnership of OPEC and non-OPEC producers continues to work well and to produce admirable results. I am also pleased to note that both the JMMC and the JTC have made outstanding efforts in demanding circumstances."
The committee reviewed the monthly report prepared by its Joint Technical Committee (JTC) and the short-term developments in the global oil market, including prospects for 2019.
The meeting coincided with the commemoration of the 2nd Anniversary of the 170th Extraordinary OPEC Conference, which culminated in the DoC in December of 2016. The meeting was attended by 20 participating producing countries of the DoC, demonstrating their commitment to sustainable oil market stability.
The JMMC noted that, despite growing uncertainties surrounding market fundamentals, including the economy, demand and supply, the participating producing countries of the DoC continue to seek a balanced and sustainably stable global oil market, serving the interests of consumers, producers, the industry and the global economy at large. The Committee also expressed its satisfaction regarding the current oil market outlook, with an overall healthy balance between supply and demand.
The committee urged countries with spare capacity to work with customers to meet their demand during the remaining months of 2018.
The JMMC directed the JTC to continue to monitor the oil market conditions and conformity levels in its efforts to achieve 100% conformity in 2018. Furthermore the JTC was directed to study the 2019 outlook and present options on 2019 production levels to prevent market imbalance.