OPEC and non-OPEC countries participating in the agreement on oil production limitation reached a record 120% in September, the cartel’s press release said, following the results of the consideration of the data by the ministerial committee for monitoring the implementation of the deal.
At the same time, the ministerial committee for monitoring the implementation of agreements (JMMC) notes that several countries have not yet reached 100 per cent fulfilment of their commitments.
JMMC reviewed the latest trends in the market and concluded that the market is moving towards rebalancing. Since the beginning of the year, oil and oil products stocks have fallen by 178 million barrels, but to reach the usual 5-year level, another 159 million barrels should be removed from the market.
The Committee will continue to monitor other factors in the market and their impact on the ongoing process of rebalancing. All options of possible actions remain open to be sure that everything is done to achieve rebalancing in the oil market.
The next meeting of the JMMC will be held on November 29.