The Joint Ministerial Monitoring Committee (JMMC) has reviewed 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 noted the overall conformity of 159% in July 2019 was 22 pp higher than in June 2019, and the average conformity of 134% 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 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 strive in achieving full and timely conformity with voluntary production adjustments based on the decisions of the 176th Meeting of the OPEC Conference, 1 July 2019, and the 6th OPEC and non-OPEC Ministerial Meeting, 2 July 2019.

KeyFacts Energy Industry Directory: OPEC