OPEC+ countries fulfill their obligations to reduce oil production by 90% in February

In late February 2019, the OPEC + agreement was fulfilled by 90 percent, and this figure is significantly higher than the results of January, it was voiced at a press conference following the meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Baku, Trend reports.

The committee 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.

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.

The 13th meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) is underway in Baku March 18. A day before the JMMC meeting, Baku hosted the 27th meeting of the Joint Technical Commission.

The today's meeting participants discuss the current state of the oil market, existing problems and other issues.

The event then features a presentation on the pace of oil market development, and the report of the Joint Technical Commission on production figures for February.

Source: TREND News Agency

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