The Joint OPEC-Non-OPEC Technical Committee (JTC) has held a session in Abu Dhabi with some of the producing countries that are participating in the Declaration of Co-operation. The objective of the meetings was to discuss conformity with the voluntary production adjustments outlined in the extension of the declaration, which became effective on 1 July 2017.
The session was held in Abu Dhabi in view of the UAE’s upcoming presidency of OPEC in 2018. This also signals the country’s commitment to the full and timely implementation of the production adjustments by both the OPEC and the participating non-OPEC producing countries.
At the most recent Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) meeting in St Petersburg, Russia, the JMMC instructed the JTC to hold additional technical level meetings with some OPEC and non-OPEC participating producing countries to improve conformity levels and accelerate the rebalancing of the global oil market for the benefit of producers and consumers alike. Accordingly, meetings were held to further assess oil market developments with the UAE, Iraq, Kazakhstan and Malaysia, who presented on their outlook and prospects for their respective production levels.
The conclusions reached during the discussions will help facilitate full conformity with the Declaration of Co-operation, which participating countries remain steadfast in their commitment to fulfil. The UAE, Iraq, Kazakhstan and Malaysia all expressed their full support for the existing monitoring mechanism and their willingness to fully co-operate with the JTC and JMMC in the months ahead in order to achieve the goal of reaching full conformity.
The meeting was co-chaired by Kuwait and Russia, in the presence of Saudi Arabia, the OPEC Conference President. Other members of the JTC had delegated to the co-chairs the responsibility of conducting this meeting and reporting back to the JTC and JMMC accordingly.
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