At the OPEC/Non-OPEC April 20 meeting of the Joint Ministerial Monitoring Committee (JMMC), the committee reported that the producer group hit a conformity level of 149% for production cuts in March.

OPEC said the 24 cooperating producers agreed to make voluntary adjustments in total production of around 1.8 million barrels per day. On November 30, 2017, the committee extended the agreement through the end of 2018. OPEC said OECD 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.

“Nevertheless, it was noted that the current commercial stocks remain above levels seen before the market downturn,” the group said. The JMMC said it wants to “look into different metrics, with an in-depth analysis of addressing larger uncertainties in the market.”

“The JMMC will continue to think through further means of strengthening coperation,” OPEC said.

The next JMMC Meeting is scheduled to be held on June 21, 2018, a day ahead of the cartel’s next  ordinary meeting in Vienna.


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