OPEC, Non-OPEC Ministers Urges for 100% Implementation of Oil Cut Deal Terms

The JMMC, the joint committee of ministers from the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, expressed its satisfaction with the progress made towards full conformity with the voluntary production adjustments and encouraged all participating countries to press on towards 100 percent conformity.

MOSCOW (Sputnik) — The JMMC, the joint committee of ministers from the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, said on Friday that it was content with the progress made with the implementation of the Vienna agreement on reduction of oil output, and has urged the participating countries to push for 100 percent fulfillment of all obligations.

"The JMMC expressed its satisfaction with the progress made towards full conformity with the voluntary production adjustments and encouraged all participating countries to press on towards 100 percent conformity," the committee said.

According to the committee, both the OPEC member-states and the non-OPEC countries reached a 98 percent level of achievement of all obligations in March, which was a 4 percent increase in comparison with the results from February.

The next meeting of the JMMC will take place on May 24 in Vienna, the committee said, adding that the joint conference between the OPEC and non-OPEC participants of the agreement will take place only after the JMMC talks so that all parties may discuss the decision on whether to extend the oil output reduction.

In late November, OPEC member states signed an agreement to decrease oil production by 1.2 million barrels per day to 32.5 million barrels per day for the whole cartel. On December 10, 11 non-OPEC countries decided to jointly cut oil output by 558,000 barrels per day, with Russia agreeing to cut its output by 300,000 barrels per day for six months from January 2017.