TODAY.AZ / Business

OPEC reveals new voluntary production adjustments [TABLE]

18 January 2019 [15:04] - TODAY.AZ

By  Trend


The overall conformity level of OPEC since the beginning of the ‘Declaration of Cooperation’ in January 2017 is well above 100 percent, coming in at 116 percent, Trend reports citing a message from the cartel.

The Joint Ministerial Monitoring Committee (JMMC) has expressed its utmost satisfaction with the steady and robust achievements of the two-year old ‘Declaration of Cooperation’ between OPEC and participating non-OPEC oil producing countries.

The JMMC noted that countries participating in the ‘Declaration of Cooperation’ achieved an overall conformity level in November 2018 of slightly below 100 percent, hitting 98 percent for the month.

"It is evident that significant progress has been made towards the goal set at the 4th OPEC and non-OPEC Ministerial Meeting of 23 June 2018, whereby countries agreed to strive to adhere to the overall conformity level, voluntarily adjusted to 100 percent, as of 1 July 2018 for the remaining duration of 2018," said JMMC.

The Committee confirmed the new voluntary production adjustments effective as of 1st of January 2019 for an initial period of six months, based on the unanimous decisions taken at the 175th Meeting of the OPEC Conference and the 5th OPEC and non-OPEC Ministerial Meeting on 7 December 2018.

Table: Adjustment based on the 175th Meeting of the OPEC Conference and the 5th OPEC and non?OPEC Ministerial Meeting, effective as of January 2019, tb/d

Reference

Voluntary

Voluntary

Production*

Adjustment

Production Level

Algeria

1,057

?32

1,025

Angola

1,528

?47

1,481

Congo

325

?10

315

Ecuador

524

?16

508

Eq.l Guinea

127

?4

123

Gabon

187

?6

181

Iraq

4,653

?141

4,512

Kuwait

2,809

?85

2,724

Nigeria

1,738

?53

1,685

Saudi Arabia

10,633

?322

10,311

UAE

3,168

?96

3,072

Azerbaijan

796

?20

776

Bahrain

227

?5

222

Brunei

131

?3

128

Kazakhstan

1,900

?40

1,860

Malaysia

627

?15

612

Mexico

2,017

?40

1,977

Oman

995

?25

970

Russia

11,421

?230

11,191

Sudan

74

?2

72

South Sudan

132

?3

129

Total OPEC

26,749

?812

25,937

Non?OPEC 10

18,320

?383

17,937

Total OPEC +Non?OPEC 10

45,069

?1,195

43,874

* Reference production is October 2018 except for Kuwait, Azerbaijan and Kazakhstan

Notes:

  • Libya, Iran, I.R., and Venezuela exempted.
  • Kuwait based on September 2018 production level.
  • Azerbaijan based on September 2018 production level.
  • Kazakhstan based on November 2018 production level.

These voluntary production adjustments will continue to be monitored by the JMMC on a monthly basis, ably supported by the Joint Technical Committee and the OPEC Secretariat, in an open and transparent manner.

The JMMC calls on all participating countries of the ‘Declaration of Cooperation’ to redouble their efforts in the full and timely implementation of the supply adjustments to ensure that the oil market remains in balance in 2019.

The thirteenth Meeting of the JMMC will take place in Baku, Azerbaijan on 18 March 2019.

URL: http://www.today.az/news/business/178216.html

Print version

Views: 541

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: