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OPEC and participating non-OPEC countries have in the month of January 2018, once again, broken their conformity record, achieving a level of 133 percent, Joint Technical Committee reported.

“This solid performance during the first month of the second year of the Declaration of Cooperation continues a remarkable upward trend seen throughout 2017, and demonstrates the commitment of participating countries to the restoration of market stability, in the interests of producers, consumers and the global economy,” said a message from OPEC.

The OPEC-Non-OPEC Joint Ministerial Monitoring Committee (JMMC) expressed satisfaction with the overall results, but noted the recent market volatility, stressing the importance of vigilance and the need to avoid complacency.

The JMMC also noted that performance was not uniform and that conformity was boosted by several over-performing countries, and therefore urged all participating countries to continue and, to the extent possible, intensify their collective and individual efforts, in order to expedite the rebalancing of the oil market.

Throughout 2018, the JMMC will focus on striving to maintain or exceed full conformity by all participating countries.

The next meeting of the JMMC will take place in Saudi Arabia, in April.

OPEC and several other non-OPEC producers have reached an agreement to extend the production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November 2016.

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