Oman hosts first-ever JMMC meeting with support from OOC
The OPEC/Non-OPEC Joint Ministerial Monitoring Committee (JMMC) convened in Muscat on January 21, 2018 for the first time in Oman. The one-day meeting, which took place at the Grand Hyatt Muscat, was hosted by the Ministry of Oil and Gas with the support of OOC. In attendance were top officials from Oman, Saudi Arabia, United Arab Emirates, Kuwait, Russia, Algeria, Libya, and Venezuela, namely the countries represented on the Joint Ministerial Monitoring Committee.
In a statement issued at the end of closed-door deliberations, the JMMC announced that OPEC and non-OPEC members that are party to the Declaration of Cooperation had achieved a record-breaking conformity level of 129% with their voluntary production adjustments. The monthly average conformity level for the first year of the Declaration of Cooperation was a remarkable 107%, it noted.
“Across a broad range of indicators, the first year of the Declaration of Cooperation has been a great success,” the Committee stated. “In December 2017, OPEC and participating non-OPEC producing countries achieved an excellent conformity level of 129%, the highest since the start of the Declaration of Cooperation. This high conformity level has been validated by a diverse range of reporting agencies and media outlets,” it added.
The JMMC was established following OPEC’s 171st Ministerial Conference Decision on 30th November 2016, and the subsequent Declaration of Cooperation made at the joint OPEC – Non-OPEC Producing Countries’ Ministerial Meeting held on 10th December 2016. At the meeting, 11 (now 10) non-OPEC oil producing countries agreed to cooperate with the 13 (now 14) OPEC member countries in a concerted effort to accelerate the stabilization of the global oil market through voluntary adjustments in total production of around 1.8 million barrels per day.
The resulting Declaration, which came into effect on 1st January 2017, was for an initial period of six months. It has since been extended to remain in effect for the entirely of 2018 as well.
“This stellar performance by participating countries in 2017 launches the New Year on an extremely positive footing, preparing the path for further successes in 2018,” the JMMC added.