VIENNA, The Joint Ministerial Monitoring Committee, JMMC, announced that countries participating in the 'Declaration of Cooperation' between OPEC and participating non-OPEC oil producing countries achieved an overall conformity level of 159 percent in July 2019. The 'Declaration of Cooperation, was reached at the joint OPEC-non-OPEC Ministerial Meeting of 10th December 2016.

JMMC reiterated the critical value of commitment to maintain market stability at times of uncertainties.

The July conformity was 22 percent higher than that in June 2019, and the average conformity of 134 percent since January 2019 was the highest to date in 2019. This high level of overall conformity has offset uncertainty in the market due to ongoing economic growth worries, the JMMC noted after reviewing the monthly report prepared by its Joint Technical Committee, JTC, and recent developments in the global oil market, as well as near-term prospects in 2019 and 2020.

The JMMC underscored the growing importance of the Declaration of Cooperation in supporting oil market stability, which along with ongoing healthy oil demand so far has arrested global oil inventories growth and should lead to significant draws in the second half of the year.

The JMMC also noted that, going forward, the forecast for oil market fundamentals by major forecasters remains robust in 2019 and 2020.

The JMMC urged all participating countries in the DoC to continue their strife in achieving full and timely conformity with voluntary production adjustments based on the decisions of the 176th Meeting of the OPEC Conference on 1st July 2019, and the 6th OPEC and non-OPEC Ministerial Meeting on 2nd July 2019.

Source: Emirates News Agency