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Production cut: OPEC, non-OPEC countries achieve highest ever conformity level

The conformity level of the voluntary production adjustments by OPEC and non-OPEC members for the month of March has reached the highest level since the commencement of the agreement. 

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The OPEC/Non-OPEC Joint Ministerial Monitoring Committee (JMMC) at a meeting in Jeddah, Saudi Arabia, for its eighth meeting, on Friday made the announcement. 

It announced that, based on the Report of the Joint Technical Committee (JTC) for the month of March 2018, following successive months of record-breaking performances, OPEC and participating non-OPEC countries have achieved a conformity level of 149% with their voluntary production adjustments, the highest level so far.

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The JMMC was established following OPEC’s 171stConference Decision of 30 November 2016, and the subsequent Declaration of Cooperation made at the joint OPEC-Non-OPEC Producing Countries’ Ministerial Meeting held on 10 December 2016 at which 11 (now 10) non-OPEC oil producing countries cooperated with the 13 (now 14) OPEC Member Countries in a concerted effort to accelerate the stabilization of the global oil market through voluntary adjustments in total production of around 1.8 million barrels per day. 

The resulting Declaration, which came into effect on 1 January 2017, was for six months. The second joint OPEC-Non-OPEC Producing Countries’ Ministerial Meeting, held on 25 May 2017, decided to extend the voluntary production adjustments for another nine months commencing 1 July 2017. At the third joint OPEC-Non-OPEC Producing Countries’ Meeting, held on 30 November 2017, it was agreed to amend the Declaration of Cooperation so that it will take effect for the entirety of 2018.

Given the ongoing transformative impact which the “Declaration of Cooperation” has on the global oil market, the JMMC will continue to think through further means of strengthening the Cooperation.

According to OPEC Secretary General, Mohammed Sanusi Barkindo rotating the location in this manner means that aside from conducting our regular business; the enduring bonds of friendship between all of our great participating countries, OPEC and non-OPEC alike, are further strengthened. This week, we celebrate the enormous contribution the Kingdom of Saudi Arabia has made to OPEC throughout the last 58 years.

A crucial milestone, the positive ramifications of which are still being felt to this day, was the “breaking of the ice” meeting between His Highness Crown Prince Mohammad Bin Salmanwith Russian President Vladimir Putin on the margins of the 2016 G20 Hangzhou Summit, in China. This courageous step, particularly the warm rapport developed between the two leaders, has played an immense role in our subsequent successes. Therefore, it is incumbent on me to express my gratitude and deep appreciation to the Crown Prince for his leadership, which is being ably demonstrated through Saudi Vision 2030.

Meanwhile, Oil rose for a second straight week as OPEC’s commitment to rebalance the market and geopolitical risks to global supplies overshadowed U.S. President Donald Trump’s tweet on “artificially Very High” prices.

Bloomberg said Trump’s comments came as the Organization of Petroleum Exporting Countries and allies including Russia showed willingness to further tighten oilmarkets and boost prices in a meeting in Saudi Arabia. West Texas Intermediate futures dropped as much as 1.2 percent early on Friday before rebounding as the impact of the tweet fizzled. They’ve risen 10 percent in two weeks.

The next JMMC Meeting is scheduled to be held on 21 June 2018 at the OPEC Secretariat in Vienna, Austria.

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