OPEC's JMMC Re-affirms Commitment To Ensuring Balanced Market
Mohammad Ali (@ChaudhryMAli88) Published May 20, 2019 | 12:45 AM
Following its 14th Meeting, which took place on 19 May 2019, in Jeddah, Saudi Arabia, the Joint Ministerial Monitoring Committee (JMMC) has reaffirmed its commitment to achieving a balanced market and working towards oil market stability on a sustainable basis with solid fundamentals
JEDDAH, (UrduPoint / Pakistan Point News / WAM - 20th May, 2019) Following its 14th Meeting, which took place on 19 May 2019, in Jeddah, Saudi Arabia, the Joint Ministerial Monitoring Committee (JMMC) has reaffirmed its commitment to achieving a balanced market and working towards oil market stability on a sustainable basis with solid fundamentals.
The JMMC expressed its satisfaction regarding the critical role which the ‘Declaration of Cooperation’ (DoC) played in the oil market recovery seen in the first quarter of 2019 compared to the fourth quarter of 2018, supported by high conformity to the voluntary production adjustments by participating countries.
Conformity for the month of April 2019 was 168 percent, and this record high figure has also had positive ramifications for global economic growth in the first four months of 2019. Average conformity has reached 120 percent since January 2019.
The Committee noted that an agile and flexible approach has been critical to the success of the DoC to date and will be key going forward. Since the DoC was signed on 10 December 2016, the partners have been able to adapt course depending on market conditions.
When the market appeared skewed to oversupply, voluntary production adjustments were adopted and implemented, as was the case in December 2016 and December 2018, and equally, when concerns regarding demand outpacing supply surfaced as the market tightened, as was the case in June 2018, partners in the DoC took appropriate action.
In analysing current oil market conditions and macroeconomic developments, the Committee also recognised that critical uncertainties remain, including ongoing trade negotiations, monetary policy developments and geopolitical challenges. The JMMC requested that the Joint Technical Committee and the OPEC Secretariat continue to monitor and analyse oil market developments and, particularly, oil inventory projections in the coming weeks with a view to the next JMMC meeting making a recommendation to the OPEC Conference and OPEC and non-OPEC Ministerial Meeting, which are scheduled to meet in June 2019, regarding appropriate actions on the part of participating countries for the second half of 2019.
The 15th JMMC Meeting is scheduled to take place in June 2019 at the OPEC Secretariat in Vienna, Austria.
Related Topics
Recent Stories
Iranian President visits Allama Iqbal’s mausoleum
Iranian President arrives in Lahore today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
Today Gold Rate in Pakistan 23 April 2024
Islam enlightened world with its teachings about knowledge: Dr Jamileh
Record London close as oil prices drop on easing Middle East fears
TV tower in Kharkiv struck as Russia captured village
LCCI language courses from May 1
Governor for service oriented governance in Punjab
Survivors tell of panic at C.Africa river boat disaster
Enrolment campaign, awareness walk held in Lower Chitral
“Say no to plastic- yes to tress” campaign kicks off in Attock
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago