OPEC, non-members report 159% compliance with output cut in July

OPEC and its non-member allies achieved 159 percent conformity with their ongoing output reduction agreement during the month of July, the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non-OPEC countries said in a statement on Tuesday.

The average conformity of 134 percent since January 2019 was the highest to date in 2019, JMMC said, adding that “This high level of overall conformity has offset uncertainty in the market due to ongoing economic growth worries”.

The JMMC also urged all participating countries in the Declaration of Cooperation (made in December 2016) to continue their effort in achieving full and timely conformity with voluntary production adjustments, based on the decisions of the OPEC Conference on July 1, 2019, and of the OPEC and non-OPEC Ministerial Meeting on July 2, 2019.

In December 2016, 11 non-OPEC oil producers agreed with the 13 OPEC members to accelerate the rebalancing of the global oil market through an adjustment in combined production of 1.8 million barrels per day (mbd).