– OPEC and non-OPEC, have entered into the agreement on the limitation of oil production, in September, completed the deal at a record 120%, according to a press release from the cartel following the review of data by the Ministerial Committee for monitoring the execution of the transaction.
At the same time, the Ministerial Committee for monitoring the implementation of agreements (JMMC) notes that some countries have still not achieved 100% execution of commitments.
JMMC considered the latest trends in the market and came to the conclusion that the market is moving toward rebalancing. With the beginning of the year stocks of oil and oil products fell by 178 million barrels, however, to attain the usual 5-year level of the market, you need to remove the 159 million barrels.
The Committee will continue to monitor other factors in the market and their impact on the ongoing process of rebalancing. All the options (possible actions – if) remain open to ensure that everything is done to achieve the rebalancing of the oil market.
The next meeting of the JMMC will be held on November 29.
Agreement providing for a reduction in OPEC oil production by 1.2 million barrels per day (b/C) and countries non-OPEC – on 558 thousand b/d compared to October 2016, came into effect on 1 January 2017. At the end of may, the countries agreed to extend the contract by 9 months to 31 March 2018 on the same terms. The purpose of the agreement is to reduce the world’s oil reserves to five-year average.
Earlier, the IEA estimated that the OPEC countries in September completed the deal by 88%, and countries non-OPEC – 125%