Organization of the Petroleum Exporting Countries (Opec) and the participating non-Opec countries have recorded the highest conformity ever with their voluntary adjustments in production, achieving a level of 106 per cent, reported AzerNews.
The overall conformity levels by Opec and participating non-Opec producing countries have steadily increased from January to May 2017, exceeding 100 per cent in both April and May to reach its highest level since January 2017, stated the report citing the Joint Opec-non-Opec Ministerial Monitoring Committee (JMMC).
“In May 2017, there was an increase of four percentage points over the April 2017 performance. This is a convincing demonstration of the willingness of all participating countries to continue their cooperation until the set goal is achieved,” said the JMMC data.
The next JMMC Meeting is scheduled to be held in St. Petersburg, Russia, on July 24, AzerNews.
The oil nations decided late last year on an output cut of 1.8 million barrels per day (bpd) to reduce global oil inventories. This may, they agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017, said the report.
The reductions will be on the same terms as those agreed in November 2016.
Meanwhile, oil edged up from multi-month lows on Thursday, but prices remained under pressure from a supply glut that has persisted despite Opec-led efforts to balance the market.
Brent crude futures were up 43 cents at $45.25 a barrel at 1229 GMT, after falling as low as $44.53 earlier in the day.