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29 Jul 2017

JMMC continues efforts to effectively monitor the implementation of the Declaration of Cooperation

Following the 4th Meeting of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) in St. Petersburg, Russia, on 24 July 2017, the Joint OPEC-Non-OPEC Technical Committee (JTC) has been instructed to convene with some OPEC Member Countries as well as some non-OPEC participating countries to identify ways and means of raising levels of conformity.

Consequently, meetings will be held in Abu Dhabi, United Arab Emirates, on 7-8 August 2017 and will be co-chaired by Kuwait and Russia, in the presence of representatives from the Kingdom of Saudi Arabia, which is serving as President of OPEC in 2017.

Other Members of the JMMC/JTC will not be attending as they have delegated to the Co-Chairs the responsibility of conducting these meetings and reporting back to the JTC and the JMMC accordingly.

This is a technical meeting being held to better understand the difficulties and obstacles faced by some OPEC and non-OPEC participating countries and to assess how conformity levels can be improved with the goal of achieving a faster rebalanced global oil market, for the benefit of producers and consumers alike.