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.