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13:12 GMT
VIENNA, Feb 24 (KUNA) -- The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) confirmed that based on the report of the Joint OPEC-Non-OPEC Technical Committee (JTC), OPEC and non-OPEC countries are on the right track towards full conformity with their adjustments in production.
The JTC, a technical sub-Committee of the JMMC, held its inaugural meeting on 22 February at the OPEC Secretariat in Vienna at which it discussed issues related to the conformity with the production levels as set out in OPEC's 171st Ministerial Conference Decision and the voluntary adjustments in line with the Declaration of Cooperation, the JMMC said in a release Friday.
The JTC considered presentations by the OPEC Secretariat on current market developments and deliberated on various technical issues in regards to reporting and conformity, it added.
The finalized JTC report was submitted to the JMMC, and the JTC was lauded on its thorough and transparent report. The JMMC expressed its satisfaction with the progress made towards full conformity with the production adjustments.
According to the JTC report for January 2017, the OPEC and non-OPEC producers achieved a conformity level of 86 per cent.
The JMMC noted that there is still room for improvement to reach 100 per cent conformity, and, in this regard, urged all Parties to press on towards full and timely conformity.
The 2nd Meeting of the JTC is scheduled to take place in Vienna in March 2017, which shall be followed by the next JMMC Meeting to be held in Kuwait on 25-26 March 2017.
The State of Kuwait chairs the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) which comprises Venezuela and Algeria as OPEC members, and Russia and Oman as non-OPEC members. (end)
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