JMMC reviews market as oil price drops to $73 per barrel - Rave 91.7 FM
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JMMC reviews market as oil price drops to $73 per barrel

JMMC reviews market as oil price drops to $73 per barrel

THE price of crude oil has dropped from $87 to $73 per barrel in the international market as the Organisation of Petroleum Exporting Countries, OPEC and non-OPEC members move to comply with its recent decision on supplies. Oil OPEC and non-OPEC members recently decided to drop its high oil cut compliance which reached as high as over 100 per cent in order to stabilise the market. Consequently, the price of Brent and WTI dropped from $78.50 to $73.07 and $70.0 to $68.26 per barrel respectively. The price of OPEC basket of 15 crudes also stood at $70.91 a barrel on Thursday, compared with $69.98 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). Meanwhile, the Joint Ministerial Monitoring Committee (JMMC) of OPEC, held its 1st Teleconference Meeting, where it reviewed recent market developments, and considered the report provided by the Joint Technical Committee (JTC), regarding the monitoring of the overall conformity levels of participating countries in the Declaration of Cooperation for the month of June 2018. In its report sent to Vanguard, OPEC stated: ”The JMMC reported that participating countries in the Declaration of Cooperation have achieved a conformity level of 121% in June 2018. ”The JMMC also considered market conditions for the month of July as well as individual country production levels for this month and was satisfied that overall performance will not deviate from the 100% conformity targeted by the decision reached at the 4th OPEC and Non-OPEC Ministerial meeting on June 23.” The committee decided to continue closely monitoring oil market conditions and developments with a view to improve market stability for the benefit of producers, consumers and the global economy at large. ”The committee reaffirmed its intent to strive to achieve an overall conformity level of no less than 100%. Furthermore, the JMMC decided to hold monthly meetings (physically or by teleconference) with the objective of more closely monitoring the market and recommending appropriate response measures. ”The JMMC was established following OPEC’s 171st Ministerial Conference Decision of 30 November 2016, and the subsequent Declaration of Cooperation made at the joint OPEC/ and participating Non-OPEC Producing Countries’ Ministerial Meeting held on 10 December 2016. ”Through the Declaration, 11 (now 10) non-OPEC oil producing countries and OPEC’s 13 (now 15) Member Countries decided on voluntary production adjustments of around 1.8 million barrels per day as part of efforts to accelerate the stabilization of the global oil market.”


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