OPEC, non-OPEC countries decide to maintain last June’s resolution

September 25th, 2018

APS : Sunday, 23 September 2018

ALGIERS- Saudi Energy Minister Khalid al-Falih said that the 10th meeting of the JMMC held Sunday in Algiers has decided to maintain the resolution of last June’s OPEC-non-OPEC meeting in Vienna.
In a statement to the press at the end of the meeting, al Falih said that under the decision, the member countries will adhere to the overall conformity level of OPEC-12, down to 100%.
“In July, we get closer to 100%. But in August, we experienced a decrease caused by oil industry-related maintenance works in Kazakhstan,” he added.
In September and October 2018, “we are approaching 100% and the market is stable, as (the difference between) supply and demand has narrowed.”
In this regard, he said that the oil market stability was possible thanks to the OPEC-non-OPEC producing countries.
In 2019, the most important challenge is how to adapt to supply increase by member countries to maintain the market stability and prevent disturbance, said the Saudi minister.
The JMMC meeting in Algiers has been a “success at the levels of organization and decision-making.”