Mubasher: The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries have achieved a record of high conformity level with voluntary reductions of oil production, reaching 120%, the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non-OPEC members, chaired by Kuwait, said.
The six-month agreement to reduce oil output came into effect on 1 January 2017, and extended for nine months starting on 1 July, according to an official statement.
JMMC clarified that some participating oil producers have consistently performed beyond their voluntary production adjustments, while others have not yet achieved 100% compliance to the agreement.
The committee has expressed satisfaction with the overall results, encouraging all participating countries to continue their compliance.
“JMMC's next meeting will be in Vienna on November 29,” the statement added.
