OPEC+ deal fulfilled at 168% in April

OPEC+ deal fulfilled at 168% in April

Conformity of OPEC+  countries for April 2019 was 168%, according to the cartel’s press release.

Following its 14th Meeting, which took place on May 19, 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 requested that the Joint Technical Committee and the OPEC Secretariat continue to monitor and analyze 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.

ОПЕК+ counties agreed to reduce oil production during the first half of 2019 by 1.2 million barrels per day, of which 812,000 barrels account for OPEC countries and 383,000 barrels account for non-OPEC countries.