Conformity for April 2019 to ‘Declaration of Cooperation’ was the highest so far: Al Mazrouei

JEDDAH, Conformity for the month of April 2019 to the ”Declaration of Cooperation”, DoC, was 168 percent, the highest since the voluntary production adjustments by OPEC and Non-OPEC participating countries began in 2017, said Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy and Industry, in a statement following the 14th Meeting of the Joint Ministerial Monitoring Committee, JMMC, which took place in Jeddah, Saudi Arabia, on Sunday.

The meeting analysed current oil market conditions and global macroeconomic developments. The JMMC has reaffirmed its commitment to achieving a balanced market and working towards oil market stability on a sustainable basis with solid fundamentals.

The minister added that the JMMC requested that the Joint Technical Committee and the OPEC Secretariat continue to monitor and analyse 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.

Al Mazrouei underscored the importance of market stability, which, he said, would encourage and attract investment needed to boost output capacity so as to meet increasing demand for oil.

The JMMC expressed its satisfaction regarding the critical role which the ‘Declaration of Cooperation’, DoC, played in the oil market recovery seen in the first quarter of 2019 compared to the fourth quarter of 2018.

The 15th JMMC Meeting is scheduled to take place in June 2019 at the OPEC Secretariat in Vienna, Austria.

Source: Emirates News Agency