25 Oct 2018
The Joint Ministerial Monitoring Committee (JMMC) reviewed the monthly report prepared by its Joint Technical Committee (JTC), including the overall conformity levels of the countries participating in the ‘Declaration of Cooperation’, during the month of September 2018, as well as the short-term prospects of the global oil market.
The JMMC noted that countries participating in the ‘Declaration of Cooperation’ achieved a conformity level of 111% in September 2018, which shows significant progress towards the goal set at the 4th OPEC and non-OPEC Ministerial Meeting of 23 June 2018.
The Committee expressed overall satisfaction with the collective performance of Member Countries in the month of September. The Committee also reviewed recent market fundamentals, which showed a very comfortable supply level relative to demand. The committee however expressed concerns about rising inventories in recent weeks and also noted looming macro economic uncertainties which may require changing course.
The JMMC directed the JTC to continue to monitor oil fundamentals and market conditions as well as conformity levels in its efforts to maintain market balance. It further directed the JTC to continue to study the 2019 outlook and present options on 2019 production levels to prevent re-emergence of a market imbalance.
The next meeting of the JMMC is scheduled to take place on 11 November 2018 in Abu Dhabi, UAE.