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OPEC, non-OPEC committed by 120 pct to production cuts - JMMC

VIENNA, Oct 21 (KUNA) -- Members of OPEC and non-OPEC producing countries' Joint Ministerial Monitoring Committee (JMMC) said Saturday the two sides achieved a record high conformity level with voluntary output cuts, reaching 120 percent.
This came in a statement by JMMC, chaired by Kuwait, following a meeting that was chaired by Kuwait.
JMMC was established following OPEC's Ministerial Conference Decision of November 30, 2016, and the subsequent Declaration of Cooperation made at the joint OPEC-Non-OPEC Producing Countries' Ministerial Meeting held on December 10 2016, at which 10 non-OPEC and 14 OPEC countries agreed cuts of 1.8 million barrels per day.
The six-month agreement came into effect on January 1 this year. It was extended for nine months starting last July 1.
JMMC said high commitment to production cuts underscored resolute willingness towards the rebalancing of the oil market.
JMMC expressed satisfaction with the overall results and encouraged all participating countries to continue on the path towards conformity, for the benefit of producers and consumers alike.
It noted that while some participating producing countries have consistently performed beyond their voluntary production adjustments, others are yet to achieve 100 percent conformity.
Commercial oil stocks in the OECD fell further in September and the difference to the latest five-year average has been reduced by 178 million barrels since the beginning of this year, however, there remains another 159 million barrels of stock overhang to be depleted.
JMMC's next meeting will be in Vienna on November 29. (end) amg.bs