The Joint OPEC-non-OPEC Ministerial Monitoring Committee (JMMC) convened in Algiers, for its tenth meeting, said that the despite the growing uncertainties surrounding market fundamentals, the 25 producing countries continue to seek a "balanced" and sustainably "stable" global oil market.
"Despite the growing uncertainties surrounding market fundamentals, including the economy, demand and supply, the participating producing countries 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," said the final communiqué of the JMMC, presented during a news conference following the 10th meeting.
The Committee also expressed its satisfaction regarding the current oil market outlook, with an overall healthy balance between supply and demand.
The JMMC also 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 Declaration of Cooperation (DoC), demonstrating their commitment to sustainable oil market stability, said the final communiqué.
Besides, the JMMC noted that countries participating in the DoC have achieved a conformity level of 129% in August 2018, and 109% in July 2018, "which shows reasonable progress towards the decisions of the 174th Meeting of the OPEC Conference convened on 22 June 2018 and the subsequent 4th OPEC and Non-OPEC Ministerial Meeting of 23 June 2018 to adjust overall conformity to 100%."
The Committee expressed overall "satisfaction" with the performance of participating countries since the JMMC Ministerial Meetings in Vienna and noted the efforts made to achieve an overall conformity adjusted to 100%.
In this regard, it urged the countries with spare capacity to work with customers to meet their demand during the remaining month 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.
The JMMC paid special tribute to President of the Republic Abdelaziz Bouteflika in recognition of Algeria's "unwavering" support and "leading" contribution to the landmark DoC.
The next meeting of the JMMC is scheduled to take place on 11 November 2018 in Abu Dhabi, UAE.