The OPEC and non-OPEC countries fulfilled their obligations to reduce oil production, according to the Joint Ministerial Monitoring Committee (JMMC) communiqué, seen by Vestnik Kavkaza.
The 13th meeting of the OPEC/non-OPEC JMMC was held in Baku today. The Committee discussed the monthly report prepared by its Joint Technical Committee (JTC), as well as recent developments in the global oil market and current prospects for the remaining period of 2019.
The Committee recalled the crucial role played by the Declaration of Cooperation in helping maintain market balance and stability since December 2016, and noted the commitments made by all member countries to ensure future stability on an ongoing basis, given that the level of compliance with the oil output cut deal reached almost 90% this February, compared with 83% in January, the document says.
The JMMC acknowledged the current uncertainties around the oil market during 2019 and stressed that all countries participating in the OPEC+ agreement are responsible for restoring market stability and preventing any imbalance.
All participating countries individually and collectively assured the Committee that they would voluntarily reduce oil production in the coming months.
The JMMC also called on all member countries, including those not present at today's meeting, to reach full and long-term agreement on their voluntary regulation of production, according to decisions taken at the 175th meeting of the OPEC conference on December 6, 2018 and at the 5th OPEC and non-OPEC ministerial meeting on December 7, 2018.
Moreover, a recommendation was adopted to postpone the OPEC ministerial meeting to May before the OPEC conference, which will be held on June 25.
The committee also supported the planned production cuts in Brunei, Ecuador and Malaysia., as well as welcomed new members - Iraq, Kazakhstan, Nigeria and the UAE..
The committee also thanked Azerbaijani President Ilham Aliyev for his generous hospitality and noted his invaluable support for the Declaration of Cooperation. Baku's unique role in the history of the oil industry was emphasized and gratitude was expressed to all representatives of Azerbaijan who took part in the preparation of the meeting, in particular, to Minister of Energy Parviz Shahbazov.
According to the correspondent of Vestnik Kavkaza, Minister of Energy, Industry and Natural Resources of Saudi Arabia Khalid Abdulaziz Al-Falih, speaking at the press conference, cited Azerbaijan as an example of the country which fulfills the OPEC+ deal. He noted that it is not only a matter of volumes, but also that of a very active participation of Azerbaijan.
"I am sure that Azerbaijan will always be one of the leaders of the deal, especially after we endorse the OPEC+ Charter. We are always happy to welcome new participants and hope that Azerbaijan, with its intrinsic pragmatism, will help us attract new countries," the minister said.
"As a minister of Saudi Arabia, I want to say that we are always interested in cooperating with Azerbaijan. We discussed it with President Ilham Aliyev on Sunday during the bilateral talks," Al-Falih said.
