OPEC Pledges Commitment to Output Cuts

OPEC Pledges Commitment to Output Cuts

The Joint Ministerial Monitoring Committee (JMMC) has emphasized the need for continued commitment to the cooperation between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC major producers, an alliance known as OPEC+.

The JMMC 16th meeting was held on September 12 in Abu Dhabi and it discussed maintaining oil market stability on a sustainable basis.

Commitment to the OPEC+ production cuts reached 136% in August. However, the JMMC urged all participating countries to intensify their efforts in pursuit of full and timely conformity with their voluntary production adjustments. An agreed-upon target is to achieve at least 100% conformity for the remainder of 2019.

The next meeting of the JMMC is scheduled to take place on December 4 at the OPEC Secretariat in Vienna, Austria.


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