Media ININ Economy We Trust
Media IN Jeddah, 20th May, 2019 (WAM)
Yesterday 19 May 2019 the JMMC organized its 14th meeting in Jeddah, Saudi Arabia were it reaffirmed its commitment to achieving a balanced market and working towards oil market stability on a sustainable basis with solid fundamentals.
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, supported by high Conformity for the month of April 2019 was 168 percent, and this record high figure has also had positive ramifications for global economic growth in the first four months of 2019. Average conformity has reached 120 percent since January 2019.
When the market appeared skewed to oversupply, voluntary production adjustments were adopted and implemented, as was the case in December 2016 and December 2018, and equally, when concerns regarding demand outpacing supply surfaced as the market tightened, as was the case in June 2018, partners in the DoC took appropriate action.
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.
The 15th JMMC Meeting is scheduled to take place in June 2019 at the OPEC Secretariat in Vienna, Austria.
