OPEC sees improving market conditions and conformity levels

OPEC sees improving market conditions and conformity levels

The 20th Meeting of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) took place via videoconference on Wednesday, 15 July 2020, under the Chairmanship of HRH Prince Abdul Aziz Bin Salman, Saudi Arabia's Minister of Energy, and co-Chair Alexander Novak, Minister of Energy of the Russian Federation.

The Committee reviewed the monthly report prepared by its Joint Technical Committee (JTC) and developments in the global oil market since its last meeting on 18 June 2020. The Committee also considered market prospects for the second half of 2020.

The Committee reiterated the importance of the 'Declaration of Cooperation' (DoC) in supporting oil market stability. It recalled the historic decision taken by all Participating Countries in the DoC at the 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting on 12 April 2020 to adjust downwards overall crude oil production, and the unanimous decisions taken at the 179th Meeting of the OPEC Conference and the 11th OPEC and non-OPEC Ministerial Meeting on 6 June 2020.

The outcomes of the June Meetings extended the first phase of the production adjustments until 31 July 2020; provided a compensation mechanism in respect of the months July, August and September for participating countries that were not able to achieve full conformity in