OPEC, Non-OPEC Conformity Hits 149%

The Organization of Petroleum Exporting Countries and participating non-OPEC countries have achieved a conformity level of 149% in March with their voluntary production adjustments, the highest level so far, said a report of the joint ministerial monitoring committee (JMMC).

 ''Once again, participating countries have demonstrated unwavering dedication to achieving the rebalancing of the global oil market, as demonstrated by the high conformity level of 149%," the report was cited by OPEC's official website as saying.

Their collective efforts continue to yield positive results, with market fundamentals being solid. Commercial stock levels of the Organization for Economic Cooperation and Development member states have been adjusted from a peak of 3.12 billion barrels in July 2016 to 2.83 billion barrels in March 2018, corresponding to a drop of 300 million barrels, it added.

Nevertheless, JMMC said the current commercial stocks remained above levels seen before the market downturn.

The highest conformity for March 2018 followed successive months of record-breaking performances, it added.

The OPEC and non-OPEC joint panel urged all participating countries to remain focused on and, where necessary, intensify their efforts on the basis of the core principles of transparency, fairness and equity, which are central to the "Declaration of Cooperation."

Given the ongoing transformative impact of the "Declaration of Cooperation" on the global oil market, JMMC said it will continue to think through further means of strengthening cooperation.

The next JMMC meeting is scheduled for June 21 at the OPEC Secretariat in Vienna, Austria.