Compliance to OPEC output deal hits record high in March

Oil producers part of the production curb agreement between OPEC and non-members achieved a record-high conformity level of 149 percent in March, according to an official statement.

The announcement was made following a meeting of the OPEC/Non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Jeddah on Friday.

The Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC oil producing countries led by Russia struck an output deal in late 2016 to remove 1.8 million barrels per day from global markets and end a supply glut.

Commercial stock levels 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, OPEC said on its website on Friday.

“Nevertheless, it was noted that the current commercial stocks remain above levels seen before the market downturn. The high conformity level has been validated by a diverse range of reporting agencies and media outlets,” it said.

The next meeting of the JMMC will be on June 21 at the OPEC headquarters in Vienna, Austria.