The OPEC/Non-OPEC Joint Ministerial Monitoring Committee (JMMC) has announced that the two groups achieved a record-breaking conformity level of 129% with their voluntary crude oil production cuts.
The two groups said monthly average conformity level for the first year of the declaration of cooperation was 107%, based on the report of the Joint Technical Committee (JTC) for the year end.
At their meeting convened in Muscat, the Sultanate of Oman, yesterday, the group said across a broad range of indicators, the first year of the declaration of cooperation was a great success.
In December 2017, OPEC and participating non-OPEC producing countries achieved an excellent conformity level, the highest since the start of the declaration of cooperation.
"This high conformity level has been validated by a diverse range of reporting agencies and media outlets," the group said.
The JMMC expressed satisfaction with the overall results and urged all participating countries to continue and, to the extent possible, intensify their collective and individual efforts, in the interests of bringing stability to the oil market. The JMMC will strive to maintain or exceed full conformity by all participating countries, throughout 2018.
The JMMC also thanked His Majesty, Qaboos bin Said Al Said, the Sultan of Oman, for his gracious hospitality, as well as paying tribute to all involved from the Sultanate of Oman for the excellent arrangements for the meeting.