VIENNA: OPEC and non-OPEC members said they would raise supply by returning to 100 percent compliance with previously agreed output cuts, after months of underproduction.
This came in a statement issued at the end of the 4th OPEC and non-OPEC Ministerial Meeting, which was held and concluded here today, where it has been decided that countries "will strive to adhere to the overall conformity level, voluntarily adjusted to 100 percent, as of 1st July 2018 for the remaining duration of the Declaration of Cooperation (DOC) and for the Ministerial Monitoring Committee (JMMC) to monitor the overall conformity level and report back to the OPEC and non-OPEC Ministerial Meeting," according to a press release on OPEC's website.
The meeting, which was held under the Co-Chairmanship of OPEC’s President, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, and Head of UAE delegation to the meeting, and Alexander Novak, Minister of Energy of the Russian Federation, extended its deep appreciation to the JMMC, the Joint Technical Committee (JTC) and the OPEC Secretariat for their constructive and effective engagement in providing the openness required in ensuring that the voluntary productions decisions were implemented in a timely and equitable manner.
It has been decided that the next OPEC and non-OPEC Ministerial Meeting will convene in Vienna, Austria, on 04 December 2018.
The meeting recalled the rights of peoples and nations to permanent sovereignty over their natural wealth and resources. Recalling the DOC reached on 10 December 2016; the meeting noted that countries participating in the DOC have exceeded the required level of conformity that reached 147% in May 2018.
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